Morgan Company's budgeted income statement reflects the following amounts: Sales Purchases Expenses January $ 110,000 $ 68,000 $ 23,000 February 100,000 56,000 23,200 March 115,000 71,250 26,000 April 120,000 74,500 27,600 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 $ 78,000 Accounts receivable* 48,000 Accounts payable 62,000 *Of this balance, $19,200 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $4,000 of depreciation. The expenses are paid in the month incurred. Morgans budgeted cash receipts in February are: