Ches 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. Cash Receipts cash payment January $ 523,000 $ 465,400 February 400,000 350,400 March 461,000 525,000 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.) March KAYAK COMPANY Cash Budget January February $ 40,000 $ 40.000 523,000 408,000 563.000 448.000 461,000 465 400 350.4001 525,000 Beginning cash balance 'Add: Cash receipts Total cash available Less: Cash payments for Cash payments Interest revenue Total cash payments Preliminary cash balance Loon activity 465.400 350.400 525.000 March KAYAK COMPANY Cash Budget January February $ 40,000 $ 40,000 523,000 408,000 563,000 448,000 461,000 Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Cash payments Interest revenue Total cash payments Preliminary cash balance Loan activity 465,400 350.400 525,000 465,400 350.400 525,000 Ending cash balance Loan balance 80,000 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month