Morgan Company's budgeted income statement reflects the following amounts: Sales Purchases Expenses January $117,000 $75, 000 $23,700 February 107, 000 63,000 23,900 March 122, 000 78, 250 26,700 April 127, 090 81, 500 28,300 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 $85,000 Accounts receivable 55,000 Accounts payable 69, 090 "Of this balance, $27,500 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $4,700 of depreciation. The expenses are paid in the month incurred. Morgan's expected cash balance at the end of January is: Multiple Choice O $84,600. O $89,300. O $84,380. O $103,380. O $79,680