The following information is prepared by the accountant of Burma Limited as at 31 December 2023: Statement of financial position as at 31 December: 2023 R 2022 R 2021 R ASSETS Noncurrent assets 400 000 200 000 440 000 Property, plant and equipment 400 000 200 000 440 000 Current assets 340 000 480 000 200 000 Inventory 60 000 160 000 120 000 Trade receivables 240 000 120 000 80 000 Cash and cash equivalents 40 000 200 000 Total assets 740 000 680 000 640 000 Equity and liabilities 740 000 680 000 640 000 Equity 340 000 320 000 200 000 Capitalopening balance 320 000 200 000 130 000 Profit for the year 58 000 140 000 110 000 Drawings (38 000) (20 000) (40 000) Noncurrent liabilities 320 000 340 000 290 000 Mortgage loan 200 000 190 000 210 000 Longterm loan 120 000 150 000 80 000 Current liabilities 80 000 20 000 150 000 Trade payables 80 000 20 000 75 000 Bank overdraft 75 000 22; 23; 24 2023 The Independent Institute of Education (Pty) Ltd 2023 Page 5 of 7 Extracts from the statement of comprehensive income for the year ended 31 December are as follows: 2023 R 2022 R Revenue 900 000 650 000 Cost of sales ? ? Gross profit 210 000 130 000 Additional information: It is the policy of the firm to mark all its goods at a constant markup of 25% on cost. The interest expense for the year ended 31 December 2023 amounted to R24 000, and for the year ended 31 December 2022, R20 000. 40% of all sales are on cash. Purchases equal 85% of cost of sales. 90% of all purchases are on credit. Assume a 365day year. Industrywide averages are as follows: o Gross profit percentage is 33%. o Net profit percentage is 20%. o Trade debtors collection period is 60 days. o Trade creditors settlement period is 41 days. o Inventory turnover is 8 times per year. REQUIRED: Calculate the Trade debtors collection period for both financial years ended 31 December 2023 and 2022, and interpret the results: Show the formula and your calculations. Round off all answers to 2 decimal places.