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 Cash Receipts payments January February March $522,00e $463,300 344, 300 526,000 403,000 470.e00 According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $40,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 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 be indicated with minus sign.) and Loan repayment amounts (if any) should KAYAK COMPANY Cash Budget For January, February, and March January February March Beginning cash balance 40,000 40,000 Cash receipts Total cash available Cash payments Interest expense Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance Loan balance Beginning of month 80,000 Additional loan (loan repayment) Loan balance- End of month