Busby Corp. uses cashbasis accounting for its records. During Year 1, Busby collected $540,000 from its customers, made payments of $372,000 to its suppliers for inventory, and paid $158,000 for administrative costs. Busby wants to prepare accrualbasis financial statements. In gathering information for the accrualbasis financial statements, Busby discovered the following: 1. Customers owed Busby $38,000 at the beginning of Year 1 and $46,000 at the end of Year 1. 2. Busby owed suppliers $29,000 at the beginning of Year 1 and $37,000 at the end of the Year 1. 3. Busbys beginning inventory was $52,000 and its ending inventory was $42,000. What should Busbys Gross Profit be on accrual basis?