Use the following transactions from Gowen Inc.'s first year in business to answer the next 3 questions: (1) Purchased $50,000 of fixed assets, putting 10% down and borrowing the remainder. (2) Sold 1,000 units of product at an average price of $45 each. Half of the sales were on credit, none of which had been collected as of the end of the year. (3) Recorded cost of goods sold of $21,000 related to the above sales (4) Purchased $30,000 worth of inventory and paid cash. (5) Paid interest of $5,000, from the fixed asset loan. (6) Gowen's tax rate is 40%. (Taxes will be paid in a subsequent period.) What will Gowen report as net income? $11,400. Based on Gowen's statement of cash flows, If cash at beginning of the year was $5,000, what is Gowen's cash at the end of the year? a. ($57,500) b. ($12,500) c. ($17,500) d. $17,500