Exercise 20-17 (Static) Preparation of cash budgets (for three periods) LO P2 Kayak Company budgeted the following casti receipts (excluding cash receipts from loans recelved) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year Kayak requires a minimum cash balance of $30,000 at each month-end. Loans taken to meet this requirement charge 13 interest pet 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 $30000 is used to repay loans at month.end. The company has a cach tualarre of $30000 and a than halance N $60,000 at January 1 . Prepare monthly cash budgets for January. February, and March. (Negative balances and Loan repoyment omounts (ff ony) should be indicated with minus sign.)