2. Leonard Company uses the gross method to record sales made on credit. On August 21, 2020, it sold goods worth $450,000 with terms 3/10, 1/30 to Moorman Inc. On August 26, 2020, Leonard received payment for 1/3 of the amount due from Moorman Inc. Leonard's fiscal year end is on August 31, 2020. What amount will be reported in the financial statements for the accounts receivable due from Moorman Inc.? a. $291,000 b. $300,000 c. $436,500 d. $450,000 3. On February 1, 2020, Logan Company factored receivables with a carrying amount of $800,000 to Chase Company. Chase Company assesses a finance charge of 2% of the receivables and retains 3% of the receivables. Relative to this transaction, you are to determine the amount of loss on sale to be reported in the income statement of Logan Company for February. Assume that Logan factors the receivables on a without recourse basis. The recourse obligation has a fair value of $4,000. The loss to be reported is: a. $16,000 b. $20,000 c. $40,000 d. $44,000 4. For the year ended December 31, 2020, Carson Company estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/2020 $180,000 Estimated uncollectible accounts per aging, 12/31/2020 $230,000 Uncollectible accounts written off, 5/1/2020 $50,000 1 The year-end adjustment journal entry to record bad debt expense should be: a. $0 b. $50,000 c. $100,000 d. $360,000