Exercise 22-17 (Algo) Preparation of cash budgets (for three periods) LO P2 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 firs thiee months of rext yeat Kayak requires a minimum cash balance of $40,000 at each month-end ucans taken to meet this requirement charge 198. interest per month, paid ot each month-end. The interest is compured based on the begnning balance of the loan for the month. Any preliminary cash bolance above $40,000 is used to repay loans at month-end. The compliny 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 Note: Negotive belances ond Loen repeyment omounts (If ony) should be indicoted with minus sign