J Company is preparing its cash budget. The company's cash balance on January 1 is $10,000. This company desires a minimum cash balance of $25,000 at the end of each month. The following data has been prepared for cash receipts and cash payments: Cash receipts Cash payments January $100,000 80,000 February $140,000 160,000 What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for February? a. $15,000 deficiency. b. $15,000 excess. c. $40,000 excess. d. $40,000 deficiency