Richards Corporation has the following budgeted sales for the first half of next year:

	Cash Sales	Credit Sales
January	$50,000	$150,000
February	$55,000	$170,000
March	$56,000	$130,000
April	$61,000	$156,000
May	$71,000	$200,000
June	$80,000	$460,000

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 has been assembled:

Collections on credit sales:

50% in month of sales

30% in month of following sales

20% in second month following sales

The accounts receivable balance on January 1 is $86,000. Of this amount, $50,000 represents uncollected December sales and $36,000 represents uncollected November sales.

What is the budgeted accounts receivable balance on May 30?

A)131200 B)100,000 C)50,000 D)50,000 E)181200

Please show work if possible