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 $310,000 May 3510,000 June $160,000 Total $980,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, anether 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Badidebts are negligible and can be ignored. February sales totaled $240,000, and March sales totaled $270,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2 What is the accounts receivable balance on June 30th? 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 Collections April May June Total $ 0 February sales March sales April sales May sales June Sales Total cash collections 0 0 0 0 0 3 0$ OS os Required 2