Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below:Budgeted sales $($all on account$)$April$ $440,000$May$ $640,000$JuneTotal$ $220,000$$ $1,300,000$From past experience, the company has learned that $30\%$ of a month's sales are collected in the month of sale, another $60\%$ are collected in the month following sale, and the remaining $10\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$370,000,$ and March sales totaled $$400,000.$Required:$1.$ Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter$\mathrm{.}2.$ What is the accounts receivable balance on June $30$th$?$Complete this question by entering your answers in the tabs below.Required $1$Required $2$Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.Schedule of Expected Cash CollectionsAprilMayJuneTotalFebruary sales$March salesApril salesMay salesJune salesTotal cash collections$