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

The LaGrange Corporation had the following budgeted sales for the first half of the current year: January February March April May June Cash Credit Sales Sales $ 90,000 $190,000 $ 95,000 $210,000 $ 47,000 $170,000 $ 42,000 $127,000 $ 52,000 $240,000 $120,000 $210,000 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: 50% in month of sale 25% in month following sale 25% in second month following sale The accounts receivable balance on January 1 of the current year was $73,000, of which $46,000 represents uncollected December sales and $27,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31