Dunder Mifflin Company manufactures and sells paper products. For the next year, Dunder Mifflin has budgeted the follow sales: Quarter 2 $3,000,000 Quarter 3 $3,100,000 Quarter 4 $2,900,000 Quarter 1 $2,500,000 In the company's experience, 10 percent of sales are paid in cash. Of the sales on account, 75 percent are collected in the quarter of sale; 15 percent are collected in the quarter following the sale; and 6 percent are collected in the second quarter after the sale. The remaining 4 percent are never collected. Total sales for the third quarter of the current year are $2,800,000 and for the fourth quarter of the current year are $2,400,000. Calculate cash collections for each quarter of the next year, and determine the projected accounts receivable at the end of the year.