Exercise 4. (15 points) A company is formulating its plans for the coming year, including the preparation of its cash budget. Historically, the company's sales are 20% cash. The remaining sales are on credit with the following collection pattern: Collections on Account Perc enta ge In the month of sale 25 % In the month following the sale 4 0 se In the second month following the sale 3 3 Uncollectible ON % % Sales for the first 5 months of the coming year are forecast as follows: Sales for the first 5 months of the coming year are forecast as follows January $ 3,000,000 February 3,500,000 March 3,800,000 April 4,300,000 May 4,200,000 Required: Compute the total cash receipts from sales and collections on accounts for the month of April