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. January February March Cash Receipts $519,000 409.000 468.000 Cash payments 5468,000 358,000 526,000 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 $150.000 at a monthly interest rate of 1%, paid on the last day of exch 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 (Negotive balonces and Loan repayment amounts (if any) should be indicated with minus sign.) KAYAK COMPANY Cash Budget For January, February, and March January February March KAYAK COMPANY Cash Budget For January, February, and March January February Beginning cash balance $ 40,000 $ 40,000 $ Cash receipts 519,000 409,000 Total cash available 559.000 449,000 Cash payments 468,000 358,000 Interest expense 800 298 Preliminary cash balance 90,200 90,702 Additional loan (loan repayment) (800) Ending cash balance 40,000 $ 40,000 Loan balance Loan balance - Beginning of month $ 80.000 $ 79,200 $ Additional loan (loan repayment) (800) Loan balance - End of month $ 79,200 March 41,232 468,000 509,232 526,000 0 0