Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate operating cycle. Round the answers to two decimal places Balance Sheet December 31, 2014 Accounts payable $399,000 Cash and marketable $132,000 securities Accounts $311,000 receivable Inventories $512,000 Prepaid expenses $11,300 Notes payable $98,500 Total current assets$966,300 Accrued expenses $89,300 Total current $586,800 liabilities Long-term debt $799,400 Par value and $298,000 paid-in-capital Retained Earnings $988,100 Gross fixed assets $2,104,000 $398,000 Less: accumulated depreciation Net fixed assets $1,706,000 Common Equity 1,286,100 Total liabilities $2,672,300 and owner's $2,672,300 equity Total assets Income Statement, Year of 2014 Net sales (all credit)$4,276,600.00 Less: Cost of goods $3,292,982.00 sold Selling and administrative $349,000.00 expenses Depreciation $148,000.00 expense EBIT $486,618.00 Interest expense $49,600.00 Earnings before $437,018.00 taxes Income taxes $174,807.20 Net income $262,210.80