Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding caslh payments for loan principal and interest payments) for the first three months of next year JanuaryY February March Cash Receipts $528,000 408,000 473,000 Cash payments $473,700 353,700 534,000 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 $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 January1. 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 March Beginning cash balance 528,000 568,000 473,700 800 93,500 40,000 40,000 408,000 448,000 353,700 473,000 Total cash available Cash payments nterest expense Preliminary cash balance Additional loan (loan repayment) Ending cash balance 534,000