CoursHeroTranscribedText: Firelight Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. The following data are available for the year 2020. K (Click the icon to view the additional information.) All sales are made on account with 60% of sales made in a quarter collected in the same quarter and 40% collected in the following quarter. Calculate the cash collected from receivables in each of the 4 quarters of 2020. (If an input field is not used in the table, leave the input field empty; do not enter a zero.) Schedule of Cash Collections Quarters 2 3 4 Accounts receivable balance on 1-1-2020 (Fourth-quarter sales from prior year) From first-quarter 2020 sales From second-quarter 2020 sales From third-quarter 2020 sales From fourth-quarter 2020 sales Total collectionsCalculate the cash collected from receivables in each of the 4 quarters of 2020. (ll an X Data table Accounts receivable (January 1, 2020) $ 46,000 Budgeted sales in Quarter 1 (January 1 to March 31, 2020) 245,000 Accounts receivab 240,000 (Fourth-quarter sal Budgeted sales in Quarter 2 (April 1 to June 30, 2020) Budgeted sales in Quarter 3 (July 1 to September 30, 2020) 225,000 From first-quarter 230,000 From second-quar Budgeted sales in Quarter 4 (October 1 to December 31, 2020) From third-quarter From fourth-quarte Print Done Total collections