[12 points] Korea Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Korea's Accounts Receivable was $555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000 The year-end balance reported in the statement of financial position for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Accounts Outstanding Amount Probability of Collection Less than 16 days $300,000 0.98 16-30 days 100,000 0.90 31-45 days 80,000 0.85 46-60 days 40,000 0.80 61-75 days 20,000 0.55 Over 75 days 15,000 0.00 (A) What is the appropriate balance for Allowance for Doubtful Accounts at year-end? (B) What is the balance of (gross) Accounts Receivable at the year-end? (C) Now, using the data you've achieved from (A) and (B), show how accounts receivable would be presented on the statement of financial position