Based on the information in the table, and using a 365-day year, calculate the average collection period (also called Days of Sales in Receivables or Number of Days of Credit) Round the answers to two decimal places Balance Sheet December 31, 2012 Cash and $198,000 Accounts payable $288,000 marketable securities Accounts $469,000 Notes payable $65,000 receivable $577,000 Accrued expenses $84,000 Inventories Total current Prepaid expenses $15,700 $437,000 liabilities Total current $1,259,700 Long-term debt $237,000 assets Par value and Gross fixed assets $1,954,000 $199,000 paid-in-capital Less: accumulated $476,000 Retained Earnings $1,864,700 depreciation Net fixed assets $1,478,000 Common Equity 2,063,700 Total liabilities $2,737,700 and owner's equity $2,737,700 Total assets Income Statement, Year of 2012 Net sales (all credit)$7,546,600.00 Less: Cost of goods $6.112,746.00 sold Selling and administrative $349,000.00 expenses Depreciation $145,000.00 expense $939,854.00 EBIT $49,500.00 Interest expense Earnings before $890,354.00 taxes $356,141.60 Income taxes $534,212.40 Net income