payments for toan principal and interest payments for the first three months of next year January February March Cash Receipts $515,000 410,000 466,000 Cash payments $456,300 351,300 522,000 According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $40,000 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 $40,000 on the last day of each month. 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.) March KAYAK COMPANY Cash Budget For January, February, and March January February Beginning cash balance 5 40,000 $ 40,000 Cash receipts 515,000 410,000 Total cash available 555,000 450 000 Cash payments 450,300 351 300 Interest expense Preliminary cash balance Additional loan (on repayment) 466.000 522,000