ter 7 Quiz Seved Help Say Kayak Company 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. Cash Receipts cash payments January 3 527,000 $469.400 February 403,500 345,900 March 453,000 522.000 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 valable Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance $ 80,000 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month