The LaGrange Corporation had the following budgeted sales for the first half of the current year: 24 8 01:09:42 January February March April May June Cash Sales $ 40,000 $ 45,000 $ 35,000 $ 30,000 $ 40,000 $ 70,000 Credit Sales $ 140,000 $ 160,000 $ 120,000 $ 115,000 $ 190,000 $ 90,000 Skipped eBook 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: 40% in month of sale 45% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $66,000, of which $51,000 represents uncollected December sales and $15,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31