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 January February Harch Cash Receipts $ 519.000 4040.000 459,000 Cash payments $ 460,300 345,300 $35.000 03 Kayak requires a minimum cash balance of $40.000 at each month-end. The company can borrow money at a monthly interest rate of 1% paid on the last day of each month. 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 (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Answer is complete but not entirely correct. KAYAK COMPANY Cash Budget January February March Beginning cash balance 5 40.000 $ 40.000 76 379 Add Cash recipes 519.000 104000 459.000 Total shable 559.000 134000 535 379 Les Cash payments for Ang interest 460,300 345.300 535.000 reston 300 221 0 Totalcahamas 151.100 315 521 536.000 Prey cash balance 97900 98.479 1621 Additional loan (one Ending 57.900 10.000 22.100 75 379 31.521