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Exercise 1. (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 30% cash. The remaining sales are on credit with the following collection pattern: Collections on Account In the month of sale In the month following the sale Uncollectible Percent age 40% 58% 2% Sales for the first 5 months of the coming year are forecast as follows: January February March April May $ 3,500,000 3,800,000 3,600,000 4,000,000 4,200,000 For the month of April, the total cash receipts from sales and collections on accounts would be