Help Save & E Exercise 7-17 Preparation of cash budgets (for three per 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 month of next January February March 486,00e 457,688 348,488 526,800 Print rences According to a credit agreement with the company's bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 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 Prepare monthly cash budgets for January. February, and arch. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) KAYAK Prev 1 of Next Compute 6:33 AM /24/20