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 $ 472, 000 February 404, 500 353 , 500 March 462, 000 533, 000 Kayak requires a minimum cash balance of $50,000 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 $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 March Beginning cash balance $ 50,000 $ 50,000 $ 50,500 Add: Cash receipts 523,000 410,000 461,000 Total cash available 573,000 460,000 511,500 Less: Cash payments for 472,000 359,000 511,500 10,000 500 Total cash payments 482,000 359,500 611,500 Preliminary cash balance Loan activity Ending cash balance Loan balance Loan balance - Beginning of month $ 100,000 $ O Additional loan (loan repayment) Loan balance, end of month