11 On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance method. On February 15. Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050. Which of the following correctly states the effect of Loudoun's recording the reestablishment of the receivable on April 4, Year 27 Balance Sheet Income Statement Assets Net Realizable Cash + a. NA Value 1,050 (1,050) Liabilities Accounta Payable + NA Stockholders' Equity Common Retained Stateme Stock earningo Revenue Expenses Net Income Cash F NA NA NA NA NA b. NA (1,050) NA NA (1,050) (1,050) NA (1,050) NA a. NA (1,050) (1,050) NA NA NA NA NA NA d. NA 1,050 (1,050) 1,050 (1.050) NA NA 1,050 (1,050) NA Multiple Choice Option A Option Option C