Sales for the Popson Pool Company for 2014 are forecasted at $7 million in the 1^st quarter, $9 million in the 2^nd quarter, $11 million in the 3^rd quarter, and $5 million in quarter 4. All sales are for credit, and Popson has a 90-day (i.e., 1 quarter) collection period such that 100% of sales are collected in the following quarter. Assume sales from the 4^th quarter of 2013 at $1 million. Calculate Popson's ending receivables balance for the 4^th quarter of 2014.