19) The LaGrange Corporation had the following budgeted sales for the first half of the current year: January February March April May June Cash Sales Credit Sales $70,000 $340,000 $50,000 $100,000 $40,000 $135,000 $35,000 $120,000 $45,000 $160,000 $40,000 $140,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on sales: 60% in month of sale 30% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $70,000, of which $50,000 represents uncollected December sales and $20,000 represents uncollected November sales What is the budgeted accounts receivable balance on May 31?