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 Amount Recorded in Books Recorded by Bank Recorded in Books Recorded by Bank $ 35,000 12/29/13 1/2/14 12/31/13 12/31/13 $ 20,000 12/30/13 12/31/13 1/2/14 1/2/14 $ 30,000 12/31/13 1/2/14 12/31/13 1/2/14 $ 40,000 1/2/14 1/4/14 12/31/13 1/3/14 Given the information above, choose the correct statement about King's cash balance: Multiple Choice Cash is fairly stated. Cash is overstated by $15,000. Cash is overstated by $40,000. Cash is overstated by $20,000