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 i the company's sales budget for the second quarter given below: From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $420,000, and March sales totaled $450,000. 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 30 th? \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{5}{|c|}{ Schedule of Expected Cash Collections } \\ \hline \multicolumn{1}{|l|}{} & \multicolumn{1}{|c|}{ April } & \multicolumn{1}{c|}{ May } & June & Total \\ \hline February sales & & & & & \\ \hline March sales & & & & & \\ \hline April sales & & & & \\ \hline May sales & & & & \\ \hline June sales & & & & \\ \hline Total cash collections & & & & \\ \hline \end{tabular} Total accounts receivable at June 30