Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows: Sales Budget Cash Sales Sales on Account April May June 110,000 75,000 135,000 450,000 496,000 485,000 560,000 571,000 620,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, 20% in the month following the sale, and the remainder in the second month following the sale. What is the amount of sales revenue that the company will report on the second quarter pro forma income statement? Multiple Choice $1,751,000 $1,481,800 $1,591,000 $1,313,800