3. Timken Inc. made $900,000 in sales during 2016. Twenty-five percent of these were cash sales. During the year, $22,500 of accounts receivable were written off as being uncollectible. In addition, $13,500 of the accounts that were written off in 2015 were unexpectedly collected. At its' year-end December 31, 2016, Timken had $225,000 of accounts receivable. The balance in the Allowance for Doubtful Accounts general ledger account was $13,500 credit at December 31,2015 Accounts Age (days) Receivable $ 90,000 45,000 22,500 54,000 Over 12013,500 Total$225,000 1-30 31-60 61-90 91-120 Required Prepare durnal entries to record the following 2016 trangactions a. The write-off of $22,500 b. The recovery of $13,500 general ledger account at December 31, 2016. calculated as follows: 2) Recalculate the balance in the Allowance for Doubtful Accounts 3) The estimated uncollectible accounts at December 31, 2016 are Estimated Loss percentage 1.5% 38 4% 9% 45% Age (days) 1-30 31-60 61-90 91-120 Over 120 Required: Prepare the adjusting entry required at December 31, 2016