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 $ 516,000 401,000 Cash payments $ 457,300 342,300 534,000 480,000 Kayak requires a minimum cash balance of $30,000 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 $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.) > Answer is not complete. Beginning cash balance Add: Cash receipts KAYAK COMPANY Cash Budget January February March $ 30,000 $ 516,000 30,000 401,000 480,000 546,000 431,000 Total cash available Less: Cash payments for All items excluding interest 457,300 342,300 534,000 Interest on loan 600 19 Total cash payments 457,900 342,319 534,000 Preliminary cash balance 88,100 88,681 Loan activity Additional loan (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month 58,100 $ 30,000 Loan balance S 60,000 $ 1,900 $ 0 58,100 $ 1,900