The LaGrange Corporation had the following budgeted sales for the first half of the current year Credit Sales $ 70,000 $170,000 $ 75,000 $190,000 $ 45,000 $150,000 40,000 $125,000 $ 50,000 $220,000 $100,000 $190,000 Cash Sales January February March April May June 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 40% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $69,000, of which $44,000 represents uncollected December sales and $25.000 represents uncollected November sales What is the budgeted accounts receivable balance on May 31