January February March Cash Receipts $528,88e 418,88e 452,880 Cash payments $463, 58e 353,586 529,88e According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $50,000 at each month-end. In return, the bank has agreed that the company can borrow up to $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 company repays loan principal with any cash in excess of $50,000 on the last day of each month. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1. Prepare monthly cash budgets for January, February, and March. (Negetlve balences and Loan repayment amounts (If any) should be Indicated wlth mlnus slgn.) KAYAK COMPANY Cash Budget For January, February, and March February March Beginning cash balance 50,000 s 520,000 570,000 463,500 410,000 466.500 53.500 receipts Total cash available sh payments nterest expense Preliminary cash balance Additional loan (loan repayment) Ending cash balance 1,000 105,500 49,000 56,500 Loan balance Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month S 100,000 (49,000)