Holland Company is in the process of projecting its cash position at the end of the second quarter. Shown below is pertinent information from Holland's records. From the data above, determine Holland's projected cash balance at the end of the second quarter.

Cash balance at end of 1st quarter Cash collections from customers for 2nd quarter Accounts payable at end of 1st quarter Accounts payable at end of 2nd quarter All 2nd quarter costs and expenses (accrual basis) Depreciation (accrued expense included above) Purchases of equipment (for cash) Gain on sale of asset (for cash) Net book value of asset sold Repayment of notes payable $36,000 1,300,000 100,000 75,000 1,200,000 60,000 50,000 5,000 35,000 66,000