Given the information below, calculate the company's cash balance at the end of the year.

16) Given the information below, calculate the company's cash balance at the end of the year. Cash Balance at Beginning of Year $80,000 Activity During the Year Increase in Accounts Payable Decrease in Accounts Receivable Depreciation Expense Net Income $60,000 $40,000 $500,000 $2,000,000 Purchase of Fixed Assets Sales of Common Stock Decrease in Notes Payable Dividends Paid $800,000 $100,000 $85,000 $15,000 A) $1,880,000 B) $ 80,000 C) $1,265,000 D) -$1,120,000