Seagram Corporation makes all sales on account. The June 30 th balance sheet balance in its accounts receivable is $200,000, of which $120,000 pertain to sales that were made during June. Budgeted sales for July are $1,000,000. Seagram collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale. What are Seagram's budget collections for July