Exercise 7-17 Preparation of cash budgets (for three periods) LO P2 Kayak Co. budgeted the following cash payments for loan principal and interest payments) for the first three months of next year receipts (excluding cash receipts from loans received) and cash payments (excluding cash January February March Cash Receipts $516,000 400,580 474,000 Cash payments $459,500 344,000 527,000 According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $30,000 at eacth month-end in return, the bank has agreed that the company can borrow up to S 150,000 at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The principal with any cash in excess of $30,000 on the last balance of $60,000 at January 1 company repays loan day of each month. The company has a cash balance of $30,000 and a loan Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment emounts (if any) should be indicated with minus sign.)