Allstate Company budgeted the following sales for the last three months of the year: Cash Sales Credit Sales October $80,000 360,000 November $90,000 380,000 December $106.000 400,000 Credit sales are normally collected as follows: 30% in the month of sale and 70% in the month following the sale. 1. How much cash should Allstate Company expect to collect in December? a. $480,400. b. $488,000. c. $492,000. d. $388,000. 2. Allstate Company's December 31, balance sheet will report Accounts Receivable of: a. $120,000. b. $280,000. c. $296,000. d. None of the above