A corporation's budget for the upcoming accounting period reveals total sales of $700,000 in April and $750,000 in May. Cash sales have accounted for 20 percent of total sales, and payments for credit sales have been received as follows: 70% of a month's credit sales are collected in the month of sale. 25% of a month's credit sales are collected in the month following the sale. 5% of a month's credit sales are uncollectible. If the corporation anticipates the cash sale of a piece of old equipment in May for $25,000, May's total budgeted cash receipts would be $560,000 $702,500. $735,000. $737,500