The LaGrange Company had the following budgeted sales for the first half of the current year: The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on sales: 60% in month of sale 30% in month following sale 10% in second month following sale The accounts recelvable balance on January 1 of the current year was $70,000,0 which $50,000 represents uncoliected December sales and $20,000 represents uncollected November sales