Required information The LaGrange Company had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $70,000 $340,000 February 50,000 190,000 March 40,000 135,000 April 35,000 120,900 May 45,000 160,900 June 40,000 140,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on sales: 60% in month of sale 30% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $70,000, of which $50,000 represents uncollected December sales and $20,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 1 of the current year