Cash Receipts $ 517,000 403,500 479,000 cash payments for loan principal and interest payments) for the first three months of next year. Cash payments January $ 459,400 February 345,900 March 527,000 Kayak requires a minimum cash balance of $40,000 at each month-end. The company can borrow money at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month end. 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.) KAYAK COMPANY Cash Budget January February $ 40,000 $ 40,000 517,0001 403.500 557.000 443.500 March 479.000 kes 800 Beginning cash balance Add Cash receipts Total cash available Less Cash payments for Interest on loan All items excluding interest Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment Ending cash balance 800 0 Loan balance S 80,000 Loan balance Beginning of month Additional loan (loan repayment) Loan balance end of month