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 January February March Cash Receipts $ 522,000 411,500 466,000 Cash payments $ 476,000 160.00 525.000 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% 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-erid. 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 balonces and Loon repayment amounts (if any) should be indicated with minus sign.) March $ 50,500 February $ 50,000 411,500 461,500 466 000 516,500 KAYAK COMPANY Cash Budget January Beginning cash balance $ 50,000 Add: Cash receipts 527 000 Total cash available 577 000 Less Cash payments for Interest on loan All items excluding interest Total cash payments 0 Preliminary cash balance Loan activity Additional loan (loan repayment) $ 50,000 Ending cash balance Loan balance 0 0 s 50 500 s 50.000 $ 100,000 $ 50,000 IS 0 Loan balance - Beginning of month Additional loan (loan repayment)