Exercise 20-17 Preparation of cash budgets (for three periods) LO P2 Kayak co budgeted the following cash receipts (excluding cash receipts from loans recolved and cash payments (excluding cash payments for loan principal and Interest payments) for the first three months of next year. $518,000 486.60 469, $461,58 449 300 528,eee According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $50.000 at each month end. In return the bank has agreed that the company can borrow up to $140.000 at a monthly interest rate of 1% pld on the last day of each month. The Intereste computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $50.000 on the last day of each month. The company has a cash balance 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 of any should Delockicated with minus Sini) KAYAK COMPANY Cash Budget For Lanuary February and March February 50 000 50.000 518.000 408.000 588.000 458.000 March Beginning cash receipts Totalcash available shade wing conce Loan balande 100 000 Sent Pren 220 N