1. On December 31, 2020, Corotel Company's year- end, the unadjusted trial balance included the following items: Credit Account Accounts receivable Allowance for doubtful accounts Sales ($2,070,000 cash sales) Debit 2,010,00 0 $ 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. 2. On December 31, 2020, Toro Company's Allowance for Doubtful Accounts had an unadjusted credit balance of $35,000. The accountant for Toro has prepared a schedule of the December 31, 2020, accounts receivable by age and, on the basis of past experience, has estimated the percentage of the receivables in each age category that will become uncollectible. This information is summarized as follows: December 31, 2020 Accounts Receivable 1.700,000 803,000 172,000 Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percentage Uncollectible 1.25% 2.00 6.50 111,000 33.00 27,000 68.00 Required: 1. Calculate the amount that should annear in thi Required: 1. Calculate the amount that should appear in the December 31, 2020, balance sheet as the allowance for doubtful accounts