Folkes, Inc has prepared a sales budget for the second quarter as shown below: April May June Budgeted Sales $400,000 500,000 600,000 The company is in the process of preparing a cash budget for the second quarter. To this end, the following information has been assembled: In month of sale In month following sale In second month following sale Collections on Sales 70% 25% 5% The company gives a 1% cash discount to customers paying in the month of the sale. Records show past sales to be: January $300,000, February $340,000, and March $360,000. Required: Prepare a schedule of cash receipts for the second quarter