2 pts A computer company has $3,000,000 in research and development costs. Before accounting for these costs, the net income of the company is $2,400,000. What is the amount of net income or loss after these research and development costs are accounted for? O $0 O $2,400,000 net income O $600,000 loss O Cannot be determined from the information provided Question 22 2 pts An aging of a company's accounts receivable indicates that $8,000 are estimated to be uncollectible. If Allowance for Doubtful accounts has a credit balance of $1,100, the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $6,900 credit to Allowance for Doubtful Accounts for $8,000 debit to Bad Debts Expense for $6,900 debit to Bad Debts Expense for $8,000 2 pt Question 23 Question 27 2 pts King Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $500,000 and credit sales are $2,000,000. Management estimates that 2% of credit sales percentage will be used to estimate bad debts. What adjusting entry will King Company make to record the bad debts expense? Bad Debt Expense 40,000; Credit Allowance for Doubtful Accounts 40,000 Bad Debt Expense 40,000; Credit Accounts Receivable 40,000 Bad Debt Expense 50,000; Credit Accounts Receivable 50,000 O Bad Debt Expense 50,000; Credit Allowance for Doubtful Accounts 50,000 2 pts Question 28