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 $524,000 410,500 473,000 Cash payments $465,300 351,800 533,000 According to a credit agreement with its bank, Kayak requires a minimum cash balance of $30,000 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 each month. The interest is computed based on the nning balance of the loan for the month. The company repays loan pri cipal with any cash in excess of $30,000 on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 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, and March January February $ 30,000 $ 30,000 March Beginning cash balance Cash receipts 524,000 410,500 473,000 Total cash available 554,000 440,500 465,300 351,800 533,000 600 0 Cash payments Interest expense Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance $ 60,000 $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month