King Corporation often transfers funds from its general account into a special account that is used exclusively to make debt payments. Near the end of the year, the company had the following transfers From General Account To Special Account AmountRecorded Recorded RecordedRecorded in Booksby Bank in books by bank $35,000 12/29/131/2/14 12/31/1312/31/13 $20,000 12/30/1312/31/131/2/141/2/14 $30,000 12/31/131/2/14 12/31/131/2/14 $40,000 1/2/141/4/14 12/31/131/3/14 Given the information above, choose the correct statement about King's cash balance: Cash is fairly stated. Cash is overstated by $15,000. Cash is overstated by $40,000. Cash is overstated by $20,000