The LaGrange Corporation had the following budgeted sales for the first half of the current year:

		Cash Sales		Credit Sales
January	$	20,000	$	120,000
February	$	25,000	$	140,000
March	$	37,000	$	100,000
April	$	32,000	$	117,000
May	$	42,000	$	170,000
June	$	50,000	$	110,000

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:

55% in month of sale

35% in month following sale

10% in second month following sale

The accounts receivable balance on January 1 of the current year was $71,000, of which $54,000 represents uncollected December sales and $17,000 represents uncollected November sales.

What is the budgeted accounts receivable balance on May 31?