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 525,000 407,000 473,000 payments $465,200 47,200 23,000 ok nt 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 int ecesprincipal 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 Lodn repayment amounts (f any) should be indicated with minus sign) KAYAK COMPANY Cash Budget For January, February, and March JanuaryFebruary 40.00040,000 Beginning cash balance Cash receipts rash availahle