Questions 88, 89, and 90 employ the following data set: The IlIlinois Central Corporation is preparing their Cash Budget for the forthcoming calendar year. The following data has been prepared for cash receipts and payments: January February March $1,182,400 $1,210,000 $1,091,700 $1,075,000 $1,061,200 Cash Receipts Cash Payments$984,500 The corporation's cash balance January 1st is $290,000. Illinois Central Corporation's desires a minimum cash balance of $340,000 each month. 88. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for January? a. $26,700 exces b. $136,700 deficiency c. $356,700 excess d. $60,000 excess