The LaGrange Corporation 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: 45% in month of sale 35% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $85,000, of which $55,000 represints uncollected December sales and $30,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be: Multiple Choice $100,000 $275,000 $197,000 $240,000