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 $ 520,000 $ 461,300 February 421,580 342,800 March 461,080 526,00 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% 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 $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 slgn.) KAYAK COMPANY Cash Budget January s 50.000 March Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for Interest on loan February $ 50.000 401,500 451,500 461,000 520.000 570.000 1.000 0 1.000 All items excluding interest Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance s 50.000 $ 50.000 Loan balance $ 100.000 $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month $ 0