Exercise 7-17 (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 January payments 521,000464,500 409,500 474,000530,000 Kayak requires a minimum cash balance of $30,000 at each month-end. Loans taken to meet this requirement charge 1interest p month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the monthAny preliminary cash balance above $30,000 is used to repay loans at month-endThe company has a cash balance of $30,000 and a foan 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.)