Exercise 20-17 (Algo) Preparation of cash budgets (for three periods) LO P2 Kayak Company budgeted the following cash receipts (excluding cash receipts from loans recelved) and cosh payments (excluding cash payments for loan principat and interest payments) for the first three months of next year. Kayak requires a minimum cash batance of $50,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, poid at each month-end. 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 bolance of $50,000 and a loan balance of $100,000 at January 1 . Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (ff any) should be indicated with minus sign.) Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts be indicated with minus sign.)