Check my work 5 Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. 2 points January Cash Receipts $ 522,000 411,000 460,000 February March Cash payments $ 468,800 357,800 533,000 eBook Kayak requires a minimum cash balance of $50,000 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 $50,000 is used to repay loans at month-end. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1. Hint Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Print References February March KAYAK COMPANY Cash Budget January $ 50,000 522,000 572,000 404,500 451,000 Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for FYYYYYY Additional loan (loan repayment) 0 0 0 Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance Loan balance $ 100,000 $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month