1. On December 31, 2020, Corotel Company's year- end, the unadjusted trial balance included the following items: Credit Debit 2,010,00 0 $ Account Accounts receivable Allowance for doubtful accounts Sales ($2,070,000 cash sales) 24,000 8,280,00 0 Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible