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 first three months of next year. Cabeceipts Cash payments January 5 520,000 5465,700 February 410,500 356,200 March 468,000 534,000 Kayak requires a minimum cash batance of $40,000 af each month end. The company can borrow money at a monthly interest rate of 1% paid on the last day of each month The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month end. The company has a cash balance of $40,000 and a loan balance of 580.000 at January 1 Prepare monthly canh budgets for January February, and March (Negative balances and Loan repayment amounts if any) should be indicated with minus sign.) KAYAK COMPANY Cash Budget January 5 40.000 February March Beginning cash balance Total cash valle Total cash payments Primary cach lance Load ading cash balance 00.000 Lanbalance Begins of month Aationalbanon Loan balance end of