Tennison Corporation had the following transactions in its first year of operations:

Sales (90% collected in year)	$	1,600,000
Bad debt write-offs		62,000
Disbursements for production costs and other expenses		1,220,000
Disbursements for income taxes		92,000
Purchases of fixed assets		420,000
Depreciation of fixed assets		82,000
Proceeds from issuance of common stock		520,000
Proceeds from short-term borrowings		102,000
Payments on short-term borrowings		52,000

What is the cash balance at year-end?

a. $278,000.

b. $240,000.

c. $350,000.

d. $220,000.