Kayak Co$.$ budgeted the following cash receipts $($excluding cash receipts from loans received$)$ and cash payments $($excluding cash payments for loan principal and interest payments$)$ for the first three months of next year.

Cash

Receipts Cash

payments

January $ $523,000$ $ $470,900$

February $409,500357,400$

March $452,000525,000$

According to a credit agreement with its bank, Kayak requires a minimum cash balance of $$40,000$ at each month$-$end. In return, the bank has agreed that the company can borrow up to $$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 $$40,000$ on the last day of each month. The company has a cash balance of $$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.$)$