Exercise $23\mathrm{.}8(Algo)$ Budgeting Cash Receipts $(LO23-4,LO23-5)Saleson$ account for the first two months $of$ the current year are budgeted $as$ follows:January $ $697,000$February $566,000$All sales are made $on$ terms $of\frac{2}{10},\frac{n}{30}(2$ percent discount $if$ paid $in10$ days, full amount $by30$ days$)$; collections $on$ accounts receivable are typically made $as$ follows:Collections within the month $of$ sale:Within discount period $70\%$After discount period $10$Collections within the month following sale:Within discount period $12$After discount period $6$Returns, allowances, and uncollectibles $2$Total $100\%$Required:Compute the estimated cash collections $on$ accounts receivable for the month $of$ February.