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

Cash Sales Credit Sales January $80,000 $180,000 February $85,000 $200,000 March $53,000 $160,000 April $58,000 $153,000 May $68,000 $230,000 June $110,000 $430,000

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 credit sales: 50% in month of sales 40% in month of following sales 10% in second month following sales

The accounts receivable balance on January 1 is $83,000. Of this amount, $47,000 represents uncollected December sales and $36,000 represents uncollected November sales.

What is the budgeted accounts receivable balance on May 30?