January February March Cash Receipts cann payments $ 463,700 $ 518,000 403,000 471,000 348,700 525,000 Kayak requires a minimum cash balance of $40,000 at each month-end. The company can borrow money 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. Any preliminary cash balance above $40,000 is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of $80,000 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 March Beginning cash balance S 40,000 $ 40,000 $ 40,000 Add: Cash receipts Total cash available: 518,000 403,000 471,000 + 558,000 443,000 511,000 Cash payments 463,700 348,700 525,000 Total cash payments 463,700 348,700 1,050,000 Preliminary cash balance. Loan activity Additional loan (loan repayment) Ending cash balance Loan balance $ 80,000 $ Loan balance Beginning of month Additional loan (loan repayment) Loan balance, end of month