According to a credit agreement with its bank, Kayak requires a minimum cash balance of $40,000 at each month-end. In return, the bank has agreed that the company can borrow up to $140,000 at a monthly interest rate of 1%, paid on the last day of each month. Th interest is computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $40,000 on the last day of each month. The company has a cash balance of $40,000 and a loan balance of $80,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) X Answer is not complete. KAYAK COMPANY March 478,000 Cash Budget For January, February, and March January February Beginning cash balance S 40,000 $ 40,000 Cash receipts 523,000 412,000 Total cash available 563,000 452,000 Cash payments 464,300 353,300 Interest expense 800 221 Preliminary cash balance 97,900 98,479 Additional loan (loan repayment) (57,900) (22,100) Ending cash balance S 40,000 $ 76,379 528,000 0 (1,621) X 41,621 x