2. Icon Company provided the following data for the current year: Sales on account Notes received to settle accounts Provision for doubtful accounts Accounts receivable determined to be worthless Merchandise returned by customer Collections received to settle accoynts Discounts permitted to be taken by customers Collections received in settlement of notes 3,600,000 400,000 90,000 20.000 15,000 2,450,000 45,000 150,000 Prepare journal entries to record the transactions and compute the net realizable value. 5. At the end of the first year of operations, Majestic Company had accounts receivable of P6,000,000, net of related allowance for doubtful accounts. During the current year, the entity recorded charges to bad debt expense of P900,000 and wrote off P200,000 of uncollectible accounts receivable. At year end, what amount should be reported as accounts receivable before the allowance for doubtful accounts