The following information was taken from Southgate Industry's cash budget for the month of July:

Beginning cash balance $480000
Cash receipts 304000
Cash disbursements 544000

If the company's policy is to maintain a minimum end of the month cash balance of $400000, the amount the company would have to borrow in July is
a) $60,000
b) $160,000
c) $40,000
d) $240,000