Holland Ltd made these estimates for the six months ending 31 December.

Cash receipts from services provided

$60 000

Cash payments for expenses

40 000

Payment for purchase of equipment

18 500

Depreciation of equipment

4 000

Borrowings from the bank

15 000

Rent paid in advance

3 000

The cash balance at 1 July is $13 000. The estimated cash balance at 31 December is:

a.surplus of $26 500

b.surplus of $11 000

c.surplus of $13 500

d.surplus of $33 000

e.deficit of $15 000