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. Morgans expected cash balance at the end of January is: