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. 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 . Required: Prepare monthly cash budgets for January, February, and March. Required: Prepare monthly cash budgets for January, February, and March. \begin{tabular}{l} KAYAK COMPANY \\ Cash Budget \\ Less: Cash payments for \\ All items excluding interest \\ Interest on loan \\ Total cash payments \\ Preliminary cash balance \\ Ending cash balance \\ Loan balance - Beginning of month \\ Additional loan (loan repayment) \\ Loan balance, end of month \\ \hline \end{tabular}