Kayak Co. budgeted the following cash recelpts (excluding cash recelpts 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 Cashi Receipts $516,000 481 500 465,233 Cash payments $462 300 348-300 538,888 According to a credit 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 compaby can borrow up to $160.000 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 be Indicated with minus sign.) any) should March KAYAK COMPANY Cash Budget For January February, and March January February Beginning cash balande Cash receipts Total cash available 'Cash payments Interest expense Preliminary cash balance Additional loan loan repaymenti Erong cash balance Loan balance Loan balance Beginning of enth 80 000 Additional loentoen repayment La Balance - Eratorrent