Busby Corp. uses cashbasis accounting for its records. During 2013, Busby collected $780,000from its customers, made payments of $420,000 to its suppliers for inventory, and paid$170,000 for administrative costs. Busby wants to prepare accrualbasis financial statements. Ingathering information for the accrualbasis financial statements, Busby discovered thefollowing:1. Customers owed Busby $40,000 at the beginning of 2013 and $36,000 at the end of2013.2. Busby owed suppliers $19,000 at the beginning of 2013 and $28,000 at the end of the2013.3. Busbys beginning inventory was $63,000 and its ending inventory was $47,000.What should Busbys Gross Profit be on accrual basis?