Dalton Company has budget sales revenues as follows JUNE Credit Sales: $135,000 Cash Sales:$90.000 JULY Credit Sales: $145,000 Cash Sales: $260,000 AUGUST Credit Sales: $100,000 Cash Sales: $195,000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and 50% in the month following purchase. Budgeted June: $300,000 July: $260,000 August: $105,000 Other budgeted expenses are 1. Monthly Selling and Administrative Expenses $50,000 (including $2,000 of depreciation expense 2. Dividends of $113,000 will be paid in July 3. purchase of equipment in August for $30,000 cash The company wishes to maintain a minimum cash balance of $50,000 at the end of each month. The company borrows money from the bank at 9% interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $50,000. Assume that borrowed money in this case is for one month 1. How much are the TOTAL cash collections for the month of July? (eg. $100,000)