Problem: Imagine Company has completed its sales budget for the first quarter. Projected sales for the first three months of the year are shown below: January February March Cash Sales $120,000 $132,000 $145,200 Credit Sales $320,000 $352,000 $387,200 The company's past records show collection of credit sales as follows: 40% in the month of sale and the balance in the following month. The ending accounts receivable balance reported on the March 31 pro forma balance sheet is: