Wichita Industries' sales are 20% cash and 80% on credit. Credit sales are collected as follows: 40% in the month of sale 50% in the next month, and 10% in the second following month. On December 31, the accounts receivable balance includes $13,000 from November sales and $42,000 from December sales. Assume that total sales for January are budgeted to be $51,000. What are the expected cash receipts for January from the current and past sales? Multiple Choice $74,520 $64,320 $60,520 $26.520 $62,820