Smith Corporation had the following transactions in 20X6, their first year of operations:

9-17 Budgeted Cash Balance Smith Corporation had the following transactions in 20X6, their first year of operations: Sales (90% collected in 20X6).... ....... $1,500,000 Bad debt write-offs ..... 60,000 Disbursements for costs and expenses......... 1,200,000 Disbursements for income taxes.. 90,000 Purchases of fixed assets .......... 400,000 Depreciation on fixed assets ......... 80,000 Proceeds from issuance of common stock ......... 500,000 Proceeds from short-term borrowings. 100,000 Payments on short-term borrowings.............. 50,000 What is the estimated cash balance at December 31, 20X6? (AICPA adapted)