16) Given the information below, calculate the company's cash balance at the end of the year.

Cash Balance at Beginning of Year $80,000

Activity During the Year

Increase in Accounts Payable $60,000

Decrease in Accounts Receivable $40,000

Depreciation Expense $500,000

Net Income $2,000,000

Purchase of Fixed Assets $800,000

A) $1,880,000

B) $ 80,000

C) $1,265,000

D) -$1,120,000

Sales of Common Stock $100,000

Decrease in Notes Payable $85,000

Dividends Paid $15,000