1. Fife Company has the following account balances at December 31 of the current year: Credit Sales $400,000; Accounts Receivable $44,000; and Allowance for Doubtful Accounts $1600 (credit balance) prior to adjusting entries. The following aging schedule reflects the situation at year-end: Customer's Name Over 90 days past due 1,000 2,200 900 S. Milken F. Filip J. Riley R. Cash L. Faraday Totals Estimated Percent Uncollectible Schedule of Accounts Receivable by Age Total Not yet 1-30 days 31-60 days 61-90 days due past due past due past due 12,000 5,000 3,000 2,000 1,000 7,000 1,000 2,000 1,000 800 14,000 8,000 3,000 2,000 100 3,000 2,000 1,000 8,000 1.000 7,000 44,000 17,000 16,000 5,000 1,900 2% 5% 10% 25% 4,100 40% REQUIRED: Prepare the journal entries to record bad debts expense for the current year, assuming the following separate and independent estimates: (a) bad debts are estimated to be 4.5% of Accounts Receivable. (2 marks) (b) bad debts are estimated using the aging chart above. (2 marks) (C) bad debts are estimated to be 0.8% of credit sales. (2 marks)