Wichita Industries' sales are 20% cash and 80% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the second following month. On December 31, the accounts receivable balance includes $23,000 from November sales and $35,000 from December sales. Assume that total sales for January are budgeted to be $61,000. What are the expected cash receipts for January from the current and past sales? Multiple Choice $74.840. $67,340 $26,840 $56,440 $62,640