Partridge Inc. sells about $27 million a year on credit. Good credit and collections performance in the industry result in a 31-day ACP. a. What is the maximum receivables balance Partridge can tolerate and still receive a good rating with respect to credit and collections? (Hint: Write the equation defining ACP, treat the A/R balance as the unknown, substitute given or target values, and solve.) Use a 360-day year for your calculations. An answer of $1.2 million should be entered as 1200000. x b. If Partridge is now collecting an average receivable in 40 days, by how much will it have to lower the receivables balance to achieve a good rating? Use a 360-day year for your calculations. An answer of $1.2 million should be entered as 1200000