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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. January February march Cash Receipts S 522, eee 4e1, see 466, eee Cash payments S 464, aee 343, 9ee 527, eee Kayak requires a minimum cash balance of $40,000 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 S40,OOO is used to repay loans at month-end. The company has a cash balance of $40,000 and a loan balance of SSO,OOO 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.) February March Beginning cash balance Total cash available Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance, end of month KAYAK COMPANY Cash Budget January s 40,000 oan balance S 80,000