Kayak Company 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. $($Click on the Graded Worksheet Tab below.$)$

"Cash Receipts $"$ Cash payments

"January $"$ $$569,000$ $$508,000$

"February $"455,000425,000$

"March $"505,000600,000$

Kayak requires a minimum cash balance of $$38,000$ at each month$-$end. Loans taken to meet this requirement charge $1\%$ interest per month, paid at each month$-$end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $$38,000$ is used to repay loans at month$-$end. The company has a cash balance of $$38,000$ and a loan balance of $$76,000$ at January $1.$

Minimum cash balance $$38,000$

Monthly interest rate $0\mathrm{.}7\%$

January $1$ cash balance $$38,000$

January $1$ loan balance $$76,000$

Required: Prepare monthly cash budgets for January, February, and March.