3 Rocketman is in the process of evaluating its Allowance for Doubtful Ascounts at December 31, 2019. The following information is available: Year Ended December 31, 2019: Cash Sales Credit Sales Total Sales $ 125,000 1,200,000 $ 1,325,000 December 31, 2019 Accounts Receivable Total 515,000 AGING OF ACCOUNTS RECEIVABLE 1-30 30-60 60-90 85,000 55,000 35,000 2% 3% 5% 295,000 90-360 25,000 25% Over 360 20,000 100% Requirement (20 POINTS) Record the December 31, 2019 year-end adjusting entries for the allowance for doubtful accounts under the following scenarios (show all work when making calculations): (A) 2% of credit sales; the December 31, 2019 balance in the allowance account is a $8,000 credit. (B)5% of total receivables; the December 31, 2019 balance in the allowance account is a $6,000 debit. (C) As % of aged receivables (denoted above): the December 31, 2019 balance in the allowance account is a $2,000 credit