5. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Accounts Estimated Age Group Receivable Loss % 0-30 days past due $ 90,000 2% 31-60 days past due 20,000 4 61-120 days past due 11,000 10 121-180 6,000 20 Over 180 days past due 4,000 50 Total accounts receivable $ 131,000 The balance of the allowance for uncollectible accounts is $1,040 on December 31, before any adjustments. (a) What amount of bad debts expense will Lafond report in its income statement for the year? Please show your calculations. Income Statement (6) Use the financial statement effects template to record LaFond's bad debts expense for the year. Balance Sheet Retained Earnings Cash Noncash Contributed (Or Eamed Asset Asset Liabilities + Capital +Capital) Revenue Bad debt expense + Expense Net Income (c) What is the balance of accounts receivable on it December 31 balance sheet? Please show your calculations