Kayak requires a minimum cash balance of $40,000 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 $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. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) KAYAK COMPANY Cash Budget January $ 40,000 February March Beginning cash balance Total cash available Additional loan (loan repayment) 0 0 0 Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance $ 80,000 $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are budgeted at 155,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 8% of sales dollars $ 45,000 per quarter $ 531,000 per quarter $ 247,000 per quarter $ 108,000 per quarter 1.75% quarterly on $240,000 note payable 40% Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses 0