5-2 (IAA) At the beginning of current year, Template Company showed the following account balances: Accounts receivable Allowance for doubtful accounts 1,000,000 40,000 The following summary transactions occurred during the current year: 7,000,000 1. Sales on account, 2/30, n/30 2. Collections from customers within the discount period 2,450,000 3. Collections from customers beyond the discount period 3,900,000 4. Accounts receivable written off as worthless 30,000 5. Recovery of accounts previously written off not included in the above collections 10,000 6. Credit memo for sales return 70,000 Required: a. Prepare journal entries pertaining to accounts receivable. b. Prepare the adjustment for doubtful accounts at year-end if the entity uses the percentage of accounts receivable method consistently. c. What is the net realizable value of accounts receivable at year-end