Ballentine Company expects sales for June, July, and August of $60,000, $66,000, and $56,000, 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 $36180 $58,580 $75,600 $82,700