The Fraley Corporation, a merchandising firm, has planned the following sales for the next three months: April Total budgeted sales $70,000 May $90,000 June $60,000 Sales are made on account. From experience, the company has learned that a month's sales on account are collected according to the following pattern: Collected in the month of sales...................................... 70% Collected in the first month following the month of sale ........ 20% Collected in the second month following the month of sale..... 8% Uncollectible. ............ 2% The uncollectible amount is written off at the end of the second month following the month of sale. For example, the uncollectible amount from March sales will be written off at the end of May. Assume that the account receivable balance on April 1 is $21.000. Of this amount, $15,000 represents uncollected March sales and $6,000 represents uncollected February sales. Required: 1. (15 points) Compute the budgeted cash receipts for April, May, and June. 2. (5 points) Determine the balance of accounts receivable on June 30