14 points Novak Company has the following unadjusted account balances on December 21, 2019 - Accounts Receivable of $553,000 and Allowance for Doubtful Accounts of $3.500 (credit balance). The company uses the aging of accounts receivable to estimate its bad debts. The following aging schedule reflects its accounts receivable at the current year-end Accounts Receivable Age of Accounts Expected percent Receivable Uncollectible 285.000 Not yet due 20N 178.500 110 30 days paste 40 72,000 31 to 60 days past due 8.5 12,500 61 to 90 days past due 390 5,000 Over 90 days past due 820 1. Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, 2020 balance sheet Calculation Amount 2. Prepare the adjusting journal entry to record bad debts expense for the current year. Account Debit Credit PhotoGrid