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Kayak Company budgeted the following cash recelpts (excluding cash recelpts from loans recelved) and cash payments (excluding cash payments for loan princlpal and interest payments)

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Kayak Company budgeted the following cash recelpts (excluding cash recelpts from loans recelved) and cash payments (excluding cash payments for loan princlpal and interest payments) for the first three months of next year. Kayak requires a minimum cash balance of $40,000 at each monthend. Loans taken to meet this requirement charge 1%, Interest per month, paid at each monthend. 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: Note: Negattve balances and Loan repayment amounts (if any) should be indicated with minus sign

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