Gareth Edwards and his brother Shaun want to form a company to set up a business to import ties and scarves and sell them in Scotland. Gareth and Shaun will each pay cash for 7,500 shares with a nominal value of 7.00 on the day the business starts. On that day the business will also borrow 40,000 from their father, to be repaid in 12 months time. Rent of 12,000 will be paid in cash on the 1st of every month for a leased shop. Also, on 1st February, a van will be purchased for 88,000, paying a 25% deposit on that date with the balance payable in equal instalments over the next 11 months. The useful life of the van is 5 years. The brothers have prepared the following budget for the first 3 months of the new business: February March April Items purchased 200 250 400 Purchase price (a supplier who provides 10% of the goods, gives 1 300 300 350 month's credit: all other suppliers offer only cash terms) Items sold 200 250 380 Selling price (60% are cash sales and 40% are credit sales, paid 1 month 400 450 500 after sale). Accountant's fee for advice, paid in cash. 6,000 Casual wages paid to part-time workers. 600 5,400 What was the opening cash balance at the commencement of March? Select one: a. 106,400 b. 6,000 o c. 108,500 O d. 99,000