The Leon Company had the following budgeted sales for the first half of the current year: Jan. Cash $70,000 Credit $340,000 Feb. Cash $50,000 Credit $190,000 Mar. Cash $40,000 Credit $135,000 Apr. Cash $35,000 Credit $120,000 May Cash $45,000 Credit $160,000 Jun. Cash $40,000 Credit $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: Collection of sales: 60% in the month of the sale 30% in the month following the sale 10% in the second month following the sale The accounts receivable balance on Jan. 1 was $70,000, of which $50,000 represented uncollected Dec. sales and $20,000 represented uncollected Nov. sales. What is the budgeted accounts receivable balance on June 1 of the current year? a. $56,000 b. $64,000 c. $76,000 d. $132,000 please show work and the balance is for June 1st