Exercise 7-17 (Algo) Preparation of cash budgets (for three periods) LO P2 Kayak Company budgeted the following cash receipts (excluding cosh receipts from loons received) and cosh paryments (excluding cash payments for loan principal and interest payments) for the first thee months of next yeat Kayak requires a minimum cash balance of $30.000 at each monthend Loans taken to meet this requirement charge 1. interest per month. pald 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. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign