Kayak Company budgeted the following cash receipts (excluding cash recelpts from loans recelved) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. Kayak requires a minimum cash balance of $50,000 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 batance above $50.000 is used to repay loans at monthend. The company has a cash balance of $50,000 and a foan balance o $100000 at January 1 . Prepare monthly cash budgets for January, February, and March. Note: Negotive balances ond Loon repoyment omounts (if any) should be indicated with minus sign. Kayak Company budgeted the following cash receipts (excluding cash recelpts from loans recelved) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. Kayak requires a minimum cash balance of $50,000 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 batance above $50.000 is used to repay loans at monthend. The company has a cash balance of $50,000 and a foan balance o $100000 at January 1 . Prepare monthly cash budgets for January, February, and March. Note: Negotive balances ond Loon repoyment omounts (if any) should be indicated with minus sign