The next two questions are based on the following information: Herald company, a jacket selling company, prepares its master budget for the year 2020 on a quarterly basis. The budget officer has gathered the following data: 1 Estimated Sales for each quarter is $230,000. All sales are on credit and all sales are collected in the following quarter. 2 Cost of goods sold for each quarter is $100,000. 3 Variable selling and adminstrative expenses for each jacket are 10% sales commission. 4 Fixed selling and adminstrative (S&A) expenses for the year are: Advertising 60,000 Executive salaries 120,000 Insurance 40,000 Depreciation 20,000 Total fixed S&A expenses 240,000 WEEN 5 The company expects to borrow $80,000 on April, 1, 2020. No principal will be repaid during the year; Interest rate at an annual rate of 10% is due quarterly. 6 The company will declare $3,000 dividend in December 2020, which will be paid in January 2021, 10 How much is the net income for the year 2020? A. $179,000 B. $182,000 C. $188,000 D $202,000 E. None of the above 11 The company's expected total cash receipt from sales is $690,000 and expected cash disbursements from manufacturing costs is $90,000 during the year 2020. If the year's beginning balance of cash is $25,000, what is the ending balance of cash in the year 2020? A. $313,000 B. $342,000 c. $362,000 D. $387,000 E. None of the above