January February March Receipts $527.eee 408,500 457,000 payments $468,300 349,800 530,000 According to a credit agreement with its bank, Kayak requires a minimum cash balance of $50,000 at each month-end. In return the bank has agreed that the company can borrow up to $140,000 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. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) $ March 50,500 349,800 400,300 KAYAK COMPANY Cash Budget For January February, and March January February Boginning cash balance 50,000 $ 50,000 Cash receipts 527.000 408 500 Total cash available 577,000 458,500 Cash payments (468,300) (349,000) interest expenso Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance Loan balance Beginning of month $ 100,000 Additional loan (loan repayment) Loan balance - End of month $