28. Madden Inc. has the following sales budget for the first two quarters of the year:

January	$250,000	April	$220,000
February	$200,000	May	$245,000
March	$230,000	June	$198,000

Cash collections have been determined to follow the pattern below:

60 percent of sales collected in month of sales

25 percent of sales collected in month after sale

12 percent of sales collected two months after sale

3 percent of sales is uncollectable

What is the ending balance of accounts receivable for March, assuming uncollectibles are written off at the end of the second month (Uncollectibles from August would be written off at the end of October, before the financial statements are prepared.)

1. $129,500

2. $30,000

3. $122,000

4. $92,000 (w