Wichita Industries' sales are 10% cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 60% in the month following the sale, and 10% in the second month following the sale. On December 31, the accounts receivable balance includes $14,000 from November sales and $35,000 from December sales. Assume that total sales for January are budgeted to be $52,000. What are the expected cash receipts for January from the current and past sales? Multiple Choice $19.240 $54,240 $50640