Additional Information: - Operating expenses include depreciation expense of $3,500,000 - Accounts Payable related to the purchase of inventory - Equipment that cost $3,900,000 was sold at a gain of $1,000,000 - New equipment was purchased during the year for $2,500,000 - Dividends declared and paid in 20X4 totaled $1,900,000 - Common shares were sold for $2,000,000 cash - Interest payable in 204 was $240,000 greater than interest payable in 203 The average collection period of sales at December 204 was: Multiple Choice Not enough data provided to calculate it Equal or below 12 days Between 26 and 53 days Between 13 and 25 days Equal or above 54 days