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 balance above $50,000 is used to repay loans at month-end. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1. January February March Cash Receipts Cash payments $ 518, 000 408, 000 464, 000 $ 464, 800 354, 800 531,000 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 February March Beginning cash balance Add: Cash receipts 50,000S 50,000 518,000 408,000 464,000 Total cash available 568,000 458,000 464,800 Interest on loan 1,000 Total cash payments 465,800 Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance 50,000 Loan balance Loan balance - Beginning of month 100,000 Additional loan (loan repayment) Loan balance, end of month