Ballentine Company expects sales for June, July, and August of $58,000, $64,000, and $54,000, respectively. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 55% of its credit sales in the month following sale, 40% in the second month following sale, and 5% are not collected. What are the company's expected cash receipts for August from its current and past sales? Multiple Choice $35,040. $56,640 $73,200 $80,000