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.

Cash Receipts Cash payments

January $ $522,000$ $ $464,400$

February $411,500353,900$

March $457,000521,000$

Kayak requires a minimum cash balance of $$40,000$ at each month$-$end. Loans taken to meet this requirement charge $1\%,$ interest per month, paid at each month$-$end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $$40,000$ is used to repay loans at month$-$end. 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