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 $516,000 406,500 472,000 payments $463,900 354,400 522,000 January February March According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $50,000 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 loarn principal with any cash in excess of $50,000 on the last day of each month. The company has a cash balance of $50,000 and a loan balance of $100,000 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 February March January 50,000 S Beginning cash balance 50,000 472,000 Cash receipts 516,000 406,500 Total cash available 566,000 456,500 Cash payments 463,900 354,400 522,000 Interest expense 1,000 489 Preliminary cash balance 101,100 101,611 (51,100) Additional loan (loan repayment) 50,000 Ending cash balance Loan balance Loan balance - Beginning of month S 100,000S 48,900 S Additional loan (loan repayment) (51,100) 48,900 Loan balance End of month