Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loon principal and interest payments) for the first three months of next year. January February March Cash Receipts 5 515,000 408,500 460,000 Cash payments 5 464,000 357,500 530,000 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%. pald 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 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 $ 50.000 5 50,000 $ 52,711 515,000 408,500 450,000 565 000 458 500 512,711 10,000 489 0 Beginning cash balance Add. Cash receipts Total cash available Add. Cash payments for Interest on loan Additional loan Ioan repayment) Total cash payments Preliminary cash balance Loan activity All items excluding interest Ending cash balance 489 0 10,000 91.000 Loan balance $ 100.000 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month