The LaGranite Company had the following budgeted sales for the first half of the current year January February March April May June Cash Sales $70,000 50,000 40,000 35.000 45,000 140.000 Credit Sales $340,000 1190.000 135.000 120.000 160.000 140.000 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: 60% in month of sale 30% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $70,000, of which $50,000 represents uncollected December sales and $20.000 represents uncollected November sales. What is the budgeted accounts receivable balance on June 1 of the current year? $132.000. O $76,000 $64,000. O$56,000