Exercise 7.17 (Algo) Preporation of cash budgets (for three periods) LO P2 Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and casto payments (excluding cash payments for loan principal and interest payments) for the first three months of next yeac. Kayak requires a minimum cash balance of $50,000 at each month-end. Loans taken to meet this requirement charge 1\%, (nterest 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 $50,000 is used to repay loans at month.end. The company has a cash balance of $50000 and a loan balance of $100,000 at January 1. Prepare monthly cash budgets for January, February, and March. Note: Negotive balances and Loon repayment omounts (if any) should be indicated with minus sign