Exercise 22-17 (Static) 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 Cash Receipts Cash payments January $ 525,000 $ 475,000 February 400,000 350,000 March 450, eee 525,00 Kayak requires a minimum cash balance of $30,000 at each month-end Loans taken to meet this requirement charge 1% interest per 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 $30,000 is used to repay loans at month-end. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1: Prepare monthly cash budgets for January February, and March (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) wuuyu IOI JUNUdly, I eurudly, diu dich (iegative balances and L be indicated with minus sign.) KAYAK COMPANY Cash Budget January $ 30,000 February March Beginning cash balance Total cash available 0 0 Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance $ 60,000 $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month