2. On December 31, 20X1, Vale Company had an unadjusted credit balance of $1,000 in its Allowance for credit losses. Vale analyzes its historical experience related to receivables in specific age categories and estimates the expected credit loss for each category based on government forecasts of the economy. The resulting analysis is shown below. Age Amount Estimated Credit Loss 030 days $60,000 5% 3160 days 4,000 10 Over 60 days 2,000 70 Required: 1. What amount should Vale report as Allowance for credit losses in its December 31, 20X1, balance sheet? 2. 2. What is the journal entry required to adjust the allowance for credit losses based on the above calculation