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 Jury 5.513,000 5.461,500 February 411,500 355,000 Harch 463.000 525,000 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 bolonces and Loan repayment amounts (if any) should be indicated with minus sign.) Answer is not complete. March $ February 40,000 411,500 451,500 463,000 243 SO KAYAK COMPANY Cash Budget January Beginning cash balance 5 40.000 Add Cash receipts 518,000 Total cash available 558,000 Less: Cash payments for Interest on loan 800 All items excluding interest Total cash payments 800 Preliminary cash balance 95,700 Loan activity Additional loan (loan repayment) Ending cash balance 40,000 Loan balance Loan balance - Beginning of month $ 80,000 Additional loan (loan repayment) Loan balance, end of month IS 24,300 0 243 96 257 + $ 24,300 $ 31,957 $ 31,957