1. The following information is available for Fess Company: Credit sales during 20X1 Allowance for credit losses at December 31, 20X0 Accounts receivable deemed worthless and written off during 20X1 $150,000.00 1,450.00 1,800.00 During 20X1, Fess estimated that its credit loss expense should be 1% of all credit sales. As a result of a review and aging of accounts receivable in early January 20X2, it has been determined that an allowance for credit losses of $1,600.00 is needed at December 31, 20X1. Required: a. What is the total amount that Fees should record as credit loss expense for the year ended December 31, 20X1? (Show your calculations) b. Record the journal entries affecting the Allowance for credit losses that Fess made during 20X1.