A company has a 45-day collection period. Sales for the next four quarters are estimated at $40,000,$48,000,$46,000, and $62,000, respectively, starting with the first quarter of the year. Given this information, which one of the following statements is correct? Assume a 360 day year. The firm will have an accounts receivable balance of $38,000 at the end of the year. The accounts receivable balance at the beginning of Quarter 4 will be $26,000. The firm will collect $20,000 from Quarter 2 sales in Quarter 3. The firm will collect $24,000 in Quarter 1. The firm will collect a total of $54,000 in Quarter 4