Morgan Company's budgeted income statement reflects the following amounts:

Sales Purchases Expenses

January $ 111,000 $ 69,000 $ 23,100

February 101,000 57,000 23,300

March 116,000 72,250 26,100

April 121,000 75,500 27,700

Sales are collected 50% in the month of sale, 25% in the month following sale, and 24% 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 2% discount. The following balances are as of January 1:

Cash $ 79,000

Accounts receivable* 49,000

Accounts payable 63,000

*Of this balance, $24,500 will be collected in January and the remaining amount will be collected in February.

The monthly expense figures include $4,100 of depreciation. The expenses are paid in the month incurred.

Morgan's expected cash balance at the end of January is: