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 $ 467.900 February 405,000 352,900 March 477,000 532,000 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.) March Beginning cash balance Add: Cash receipts Total cash available KAYAK COMPANY Cash Budget January February $ 40,000 $ 40.000 $ 520,000 405,000 560,000 445,000 74.16B 477,000 551,168 Less Cash payments for KAYAK COMPANY Cash Budget January February $ 40,000 $ 40,000 $ 520,000 405,000 560,000 445,000 Beginning cash balance Add: Cash receipts Total cash available March 74,168 477,000 551,168 Less: Cash payments for Interest on loan (800) (400) 0 (800) (400) 0 All items excluding interest Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance Loan balance $ 80,000 $ Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month