D G 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 payments January February March $525,000 400,000 450,000 $475,000 350,000 525,000 Kayak requires a minimum cash balance of $30,000 at each month-end. Loans taken to meet this requirement charge 1% interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $30,000 is used to repay loans at month-end. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1. 5 Required: Prepare monthly cash budgets for January, February, and March. Minimum Cash Balance Monthly interest rate January 1 Cash balance January 1 loan balance $30,000 1% $30,000 $60,000 (Use cells A5 to 114 from the given information to complete this question. Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Negative amounts or amounts to be deducted should be input and displayed as negative values. All other answers should be input and displayed as positive values.) 2 3 [24] 25 26 Beginning cash balance 27 28 Total cash available 29 Less: Cash payments for 30 All items excluding interest 31 Interest on loan KAYAK COMPANY Cash Budget January February March