Pfizer Inc. is preparing its cash budget for the next quarter. Sales are projected to be $3,000,000 in January, $3,500,000 in February, and $4,000,000 in March. The company typically collects 60% of sales in the month of sale and 40% in the following month. Prepare a cash receipts schedule and determine the ending cash balance for each month if the beginning cash balance for January is $500,000.