21. Davis Corporation expects the following transactions in 20X3. Their first year of operations: Sales (90% collectible in 20X3). P1,500,000 Bad debt write-offs...... 60,000 Disbursements of costs and expenses. 1,200,000 Disbursements for income taxes... 90,000 Purchases of fixed assets......... 400,000 Proceeds from issuance of ordinary shares... 580,000 Proceeds from short-term borrowings 100,000 Payments on short-term borrowings.. 50,000 Depreciation on fixed assets.. 80,000 What is the cash balance at December 31, 20X3? a. P150,000 b. P170,000 C. P210,000 290 d. P280,000