4 Required information [The following information applies to the questions displayed below. Part 3 of 3 Sage Inc. experienced the following transactions for Year 1, its first year of operations: 2.5 points Skipped 1. Issued common stock for $110,000 cash. 2. Purchased $195,000 of merchandise on account. 3. Sold merchandise that cost $166,000 for $330,000 on account. 4. Collected $298,000 cash from accounts receivable. 5. Paid $175,000 on accounts payable. 6. Paid $50,000 of salaries expense for the year. 7. Paid other operating expenses of $66,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: eBook Allowance Balance Print Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $19,200 8,000 1,600 1,600 1,600 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 References c. What is the net realizable value of the accounts receivable at December 31, Year 1? Net realizable value