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 March Cash Receipts $519,000 404,000 452,000 Cash payments $468,000 353,000 521,000 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. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) sh be indicated with minus sign.) KAYAK COMPANY Beginning cash balance Total cash available Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance-Beginning of month Additional loan (loan repayment) Loan balance, end of month Cash Budget January February March $ 40,000 Loan balance $ 80,000