Dec. Year 1 (Actual) $120,000 Credit sales Cash sales $ 20,000 Jan. Year 2 (Budgeted) $280,000 $ 50,000 Feb. Year 2 Mar. Year 2 (Budgeted) $310,000 (Budgeted) $220,000 $ 60,000 $ 24,000 Based on the company's collection history, 42% of credit sales are collected in month of sale, and the remainder is collected in the following month. Cash collections in January from December credit sales would be: Multiple Choice $60,000 $84,000