Morgan Company's budgeted income statement reflects the following amounts: Sales Purchases Expenses January $ 120,000 $ 78,800 $ 24,100 February 110,000 66,800 24,300 March 125,000 82,050 27,100 April 130,000 85,300 28,700 Sales are collected 50% in the month of sale, 30% in the month following sale, and 19% 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 3% discount. The following balances are as of January 1: Cash $ 88,000 Accounts receivable* 58,000 Accounts payable 72,000 *Of this balance, $28,000 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $5,000 of depreciation. The expenses are paid in the month incurred. Morgans expected cash balance at the end of February is: