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 $ 525,000 $ 475,800 February 400,000 350,000 March 450,000 525,000 Kayak requires a minimum cash balance of $30,000 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 $30,000 is used to repay loans at month-end. The company has a cash balance of $30,000 and a loan balance of $60,000 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.) Beginning cash balance Add cash receipts Total cash available Loss: Cash payments for All items excluding interest KAYAK COMPANY Cash Budget January 30.000 525,000 555,000 February 30,000 $ 400,000 430,000 March 69,294 450,000 519.294 600 0 106 3 106 79,894 600 79.400 0 (5,706) Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance S (10,600) 69,294 $ 35,706 30,000 (49,400) $ 30,000$ Loan balance 60,000 $ Loan balance - Beginning of month 10,600