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 $ 523,000 $ 468,700 Yebruary 406,500 352,200 March 467,000 529,000 Kayak requires a minimum cash balance of $50.000 at each month-end. The company can borrow money at a monthly interest rate of 1%, pold 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 $50,000 is used to repay loans at month-end. The company has a cash balance of $50,000 and a loan balance of $100,000 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.) KAYAK COMPANY Cash Budget January February $ 50,000 $ 50,000 523,000 406,500 573,000 456,500 March Beginning cash balance Add: Cash receipts Total cash available Loss Cash payments for Interest on loan 467,000 (1.000) March KAYAK COMPANY Cash Budget January February $ 50,000 $ 50,000 523,000 406,500 573,000 456,500 Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Interest on loan 467,000 (1,000) (1,000) 0 0 Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance $ 100,000 $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month