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 $525,000 $475,000 February 400,000 350,000 March 450,000 525,000 Kayak requires a minimum cash balance of $30,000 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 $30,000 is used to repay loans at month-end. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1. Minimum Cash Balance $30,000 Monthly interest rate January 1 Cas balance $30,00 1% Required: Prepare monthly cash budgets for January, February, and March. (Use cells A5 to 114 from the given information to complete this question. Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Negative amounts or amounts to be deducted should be input and displayed as negative values. Al nthar ancware chnuld ha innut and dienlauad ac nocitiva usluac 1. = B Graded Worksheet + A B 21 should be input and displayed as positive values.) 22 23 KAYAK COMPANY Cash Budget 24 25 January 26 Beginning cash balance 27 Add: Cash receipts 28 Total cash available 29 Less: Cash payments for 30 31 32 Total cash payments 33 Preliminary cash balance 34 Loan activity 35 Additional loan (loan repayment). 36 Ending cash balance 37 38 Loan balance - Beginning of month 39 Additional loan (loan repayment) 40 Loan balance, end of month 41 42 All items excluding interest Interest on loan $30,000 Loan balance C February $30,000 D March 33