20-38 Collection Policy (LO7) Major Manufacturing currently has one bank account located in New York to handle all of its collections. The firm keeps an additional cash balance with the bank of $435,000 to pay for these services. It is considering opening a bank account with West Coast National Bank to speed up collections from its many California-based customers. Major estimates that the West Coast account would reduce collection time by 1 day on the $1.45 million a day of business that it does with its California-based customers. If it opens the account, it can reduce the balance with its New York bank to $245,000 because it will do less business in New York. However, West Coast will require an additional cash balance of $245,000. What would be the net daily benefit of opening the new account? Note: Enter your answer in dollars, not millions