The LaGrange Corporation had the following budgeted sales for the first half of the current year: January February March April May June Canh Sales Credit Sales $ 80,000 $ 180,000 $ 35,000 $ 200,000 $ 46,000 $ 160,000 $ 41,000 $ 126.000 $ 51,000 $ 230,000 $ 110,000 $ 200,000 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: 45% in month of sale 50% in month following sale 5% in second month following sale The accounts receivable balance on January 1 of the current year was $81,000, of which $55.000 represents uncollected December sales and $26.000 represents uncollected November sales What is the budgeted accounts receivable balance on May 31