Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year. Cash Cash Receipts Disbursements January $527,000 $473,000 February 402.500 351,000 March 463,000 534,000 According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $50,000 at each month-end. In return, the bank has agreed that the company can borrow up to $160,000 at an annual interest rate of 12%, 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 available cash on the last day of each month. The company has a cash balance of $50,000 and a loan balance of $100,000 at January 1. Prepare monthly cash budgets for each of the first three months of next year. (Be certain to enter "0" wherever required. Negative balance and Loan repayment amount should be indicated with minus sign.) March 463,000 KAYAK COMPANY Cash Budget For January, February, and March January February Beginning cash balance $ 50,000 $ 50,000 Cash receipts 527,000 402,500 Total cash available 577,000 452,500 Cash disbursements 473,000 351,000 Interest expense Preliminary cash balance 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 534,000 0 $ 50,000