Morgan Company's budgeted Income statement reflects the following amounts: January February March April Sales $116,000 106,000 121,000 126,000 Purchases $74,000 62,000 77,250 80,500 Expenses $23,600 23,800 26,600 28,200 Sales are collected 50% In the month of sale, 20% in the month following sale, and 29% In the second month following sale. One percent of sales is uncollectible and expensed at the end of the year. Morgan pays for all purchases in the month following purchase and takes advantage of a 1% discount. The following balances are as of January 1: Cash Accounts receivable Accounts payable $84,000 54,000 68,000 Of this balance, $21,600 will be collected in January and the remaining amount will be collected in February The monthly expense figures include $4.600 of depreciation. The expenses are paid in the month incurred. Morgan's expected cash balance at the end of January is. Multiple Choice 0 O $96.280 0 $77.280. 0 $83.800 0 $88.400 0 $72.680