Gaffney Corporation is a wholesale distributor of auto parts and uses the cash method of accounting. The company's sales have been about $11,175,000 per year for the last few years. However, Gaffney has the opportunity to acquire an unincorporated competitor with annual sales of $12,292,500. Complete the following paragraph regarding the accounting implications of acquiring the competitor. V. Gaffney must For the year of acquisition. Gaffney and the acquired business will be treated as a single business consider the combined gross receipts of both businesses in determining if the average annual gross receipts for the prior three-year period exceed $ statutory threshold. Therefore, Gaffney will likely be able to continue using the cash method the year of the acquisition. for