Exercise 7-17 (Algo) Preparation of cash budgets (for three periods) LO Kayak Company budgeted the following cash receipts excluding cash receipts from loans received) and cash payments cash payments for loan principal and interest payments) for the first three months of next year January February March Cash Receipts Cash payment \$521,000 464,500 409, 500 353,000 474,000530.000 Kayak requires a minimum cash balance of $ 30,000 at each month- end. Loans taken to meet this requirement charge 1 Interest pe 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 indicated with minus sign .)