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 have been provided: Cash receipts Cash payments January $1,061,200 984,500 February $1,182,400 1,210,000 March $1,091,700 1,075,000 The amount of the deficiency or excess cash (after considering the minimum cash balance required) for January is a(n) deficiency of $136,700 excess of $356,700 excess of $60,000 excess of $26,700