New England Co. had net cash provided by operating activities of $351 ,000; net cash used by investingactivities of $420,000; and cash provided by financing activities of $250,000. New England's cash balancewas $27 ,000 on January 1. During the year, there was a sale of land that resulted in a gain of $25,000 andproceeds of $40,000 were received from the sale. What was New England's cash balance at the end of theyear?a. $27,000b. $40,000c. $208,000d. $248,000