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Prepare and income statement, statement of owners equty and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent 14.250.00 Expense Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1.900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 30,000.00 solve Accts Payable Note Payable Equipment Accum Depreciation 400,000.00 (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00 Intereest Expense 1,805.00 Tax Expense 7.220.00 Sales 250,000.00 CBC has accounts receivable at year end 620,000.00 credit Balance in allowance for doubtful accts 12,400.00 balance Sales on account for the year were 868,000.00 The company uses the % of receivables allownace method for bad debt Prepare the journal entry for bad debt expense at year end if 3% is the expected bad debt