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 $518,698 5459,300 February 487, een 348,300 March 452, eve 525,000 According to a credit agreement with its bank, Kayak requires a minimum cash balance of $40,000 at each month-ond. 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 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.) KAYAK COMPANY Cash Budget For January, February, und March January February Beginning cash balance S 40,000 s 40,000 $ Cash receipts 518,000 407,000 Total cash available 558,000 447,000 Cash payments 459,300 348,300 Interest expense 800! Preliminary cash balance Additionallonn (loan repayment) Ending cash balance Loan balance March 40,000 452,000 492,000 526,000