Homework: Budgeting, Pro forma Financial Statement 3 cash payments for loan principal and interest payments) for the first three months of next year. Cash Orcelpts Cash payments 1 470, 90 3.75 February 409,030 356,909 March 473,030 Kayak requires a minimum cash balance of $30,000 at each month-end. The company can borrow money at a monthly interest rate of I'm, paid on the last day of each month. 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 be indicated with minus sign.) KAYAK COMPANY Cash Budget January February Beginning cash balance 30.000 Add: Cash receipt 421.030 4001000 473.000 553.030 Lewis Cash payments for Cash payments 470.900 314.900 434,000 Interest on loan Touil cash payments 471.500 346.500 434 000 Preliminary cath balinon Loan curry Finding cash balance Loan balance Loan balanon - Beginning of month 601000 Additional Inan (loan repayment) Loan balance, end of month