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. 7 January February March cash Receipt $320,000 406,500 479.000 CANE paynenta 5468,200 346,700 521,00 ch According to a crecht agreement with its bank, Kayak requires 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%, pald 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.) Print rences March KAYAK COMPANY Cash Budget For January February, and March January February Beginning cash balance $ 40.000 5 40.000 Cash receipts 524,000 406.500 Total cash value 581,000 446,500 Cash payments (454,200) (346,700 interest expense (800) 1210 Primary cash balance 99.000 99,500 Additional loan doa repayment 159.000 159.590 Enting balance 5 40,000 $ 40.000 Loan balance Loan balance-Begening of mouth 30.000 21,000 $ Aditional balloon repayment (59.900) 159.500 Loan barance End of month 5 21000