Mitchell Company had the following budgeted sales for the last half of last year:

	Cash Sales	Credit Sales
July	$50,000	$150,000
August	$55,000	$170,000
September	$34,000	$130,000
October	$39,000	$134,000
November	$49,000	$200,000
December	$80,000	$240,000

The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled:

Collections on credit sales:

45% in month of sales

35% in month of following sales

20% in second month following sales

What is the budgeted accounts receivable balance on December 1?

	$110,000
	$131,300
	$124,000
	$136,800