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

	Cash Sales	Credit Sales
July	$30,000	$130,000
August	$35,000	$150,000
September	$46,000	$110,000
October	$51,000	$146,000
November	$61,000	$180,000
December	$60,000	$360,000

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:

40% in month of sales

40% in month of following sales

20% in second month following sales

What is the budgeted accounts receivable balance on December 1?

$140,000

$108,000

$137,200

$111,300