You are preparing the cash budget for MSVU, with a fiscal year from January to December. Operating expenses of $50,000 include $10,000 of depreciation expense and $3,000 of rent expense which in paid fo in two semi-annual instalments on January 1 and on July 1. What is the January cash disbursement for operating expenses? Select one: $55,000 $37,000 $76,000 none of these