5 Part 2 of 3 -.44 oints eBook Print References Required information [The following information applies to the questions displayed below.] Assume that Stratton & Briggs Engines Incorporated uses the aging approach to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms n/45. The balance of each account receivable is aged on the basis of four time periods as follows: (1) not yet due, (2) up to 6 months past due, (3) 6 to 12 months past due, and (4) more than 1 year past due. Experience has shown that for each age group, the average loss rate on the amount of the receivable at year-end due to uncollectibility is (a) 1 percent, (b) 5 percent, (c) 20 percent, and (d) 50 percent, respectively. At December 31, 2022 (end of the current accounting year), the Accounts Receivable balance was $41,500 and the Allowance for Doubtful Accounts balance was $1,750 (credit). In determining which accounts have been paid, the company applies collections to the oldest sales first. To simplify, o