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Check my work 5 Kayak Co. 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. 2 points January February March Cash Receipts $522,000 412,000 455,000 Cash payments $ 467,700 357,700 526,000 eBook According to a credit agreement with its bank, Kayak requires a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $140,000 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. The company repays loan principal with any cash in excess of $30,000 on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1. Hint Print Prepare monthly cash budgets for January, February, and March. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) March 455,000 KAYAK COMPANY Cash Budget For January, February, and March January February Beginning cash balance $ 30,000 $ 30,000 Cash receipts 522,000 412,000 Total cash available 552.000 442,000 Cash payments (467,700) (357,700) Interest expense (600) Preliminary cash balance 83,700 Additional loan (loan repayment) (53,700) Ending cash balance $ 30,000 Loan balance 526,000 $ 6,300 $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month 60,000 $ (53,700) 6,300 $