3. Sprinkle Company has accounts receivable of $70,000 at March 2020. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is as follows. Months of credit sale Balance March 31 December $12,000 January $10,000 February $30,000 March 18,000 The company's estimate of bad debts is as respectively 75%, 30%, 15% & 7%. (i) Calculate bad debt expense for Sprinkle company for the year 2020. (ii) Sprinkle company has balance of allowance for doubtful accounts of previous year $40,000. Determine the amount of allowance for doubtful accounts to be kept this year. (iii) Pass journal entry