You are required to prepare the cash budget for the two months of January and February 2020. The following is the projected information: January 2020 February 2020 Cash sales R230 000 R245 000 Cash purchases R117 000 R120 000 Rent Payment R12 000 R12 000 The bank balance on 1 January 2020 is expected to be R32 400. A fixed deposit for R56 000 is expected to mature on 25 January 2020. Equipment to the value of R40 000 is to be purchased on credit in January 2020 and will be paid in full on 28 February 2020. A loan advance of R34 600 will be taken from Cosmos Bank in February 2020 The expected closing bank balance on 28 February2020 will be calculated as: a. R262 400 O b. R297 000 O c. R224 000 c O d. R246 400 e. R302 400