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II. Preparation of cash budgets (for three periods)Kasik Company budgeted the following cash receipts and cashdisbursements for the first three months of next year.Cash Receipts Cash DisbursementsJanuary.. $500000 $450000February 300000 250000March.. 400000 500000According to a credit agreement with the companys bank Kasikpromises to have a minimum cash balance of $30000 at eachmonth-end. In return the bank has agreed that the company canborrow up to $150000 at an annual interest rate of 12% paid thelast day of each month. The interest is computed based on thebeginning balance of the loan for the month. The company has a cashbalance of $30000 and a loan balance of $60000 at January 1.Prepare monthly cash budgets for each of the first three months ofnext year.