All of Porter Corporation's sales are on account. Sixty percent of the credit sales are collected in the month of sale, 25% in the month following sale, and 10% in the second month following sale. The remainder are uncollectible. The following are budgeted sales data for the company:
January - February - March - April - Total sales
$400,000 - $600,000 - $500,000 - $700,000
Cash receipts in April are expected to be:
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