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Seagram Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $200,000, of which $120,000 pertain to sales that were made during June. Budgeted sales for July are $1,000,000. Seagram collects 70& of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale.
Question 1: What are Seagram's budget collections for July?
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