ECONOMICS (CBSE/UGC NET)

Davis corporation expects the following transactions in 20X4. Their first year of operations:Sales (90% collectible in 20X4) ____ P 1, 500, 000Bad debt write-offs ____ 60, 000Disbursements of costs and expenses ____ 1, 200, 000Disbursements for income taxes ____ 90, 000Purchase of fixed assets ____ 400, 000Proceeds of issuance of ordinary shares ____ 580, 000Proceeds from short-term borrowings ____ 100, 000Payment on short-term borrowings ____ 50, 000Depreciation on fixed assets ____ 80, 000What is the cash balance at December 31, 20X4?