A company is preparing its cash budget. Its cash balance on January 1 is $290,000 and it has a minimum cash requirement of $340,000. The following data has been provided:

	January	February	March
Cash receipts	$1,061,200	$1,182,400	$1,091,700
Cash payments	984,500	1,210,000	1,075,000

What is the amount of the deficiency or excess cash (after considering the minimum cash balance required) for January?

a.excess of $356,700

b.deficiency of $136,700

c.excess of $60,000

d.excess of $26,700