5-5 (IAA) At the beginning of current year, Nostalgia Company reported the following information: Accounts receivable Allowance for doubtful accounta 1,500,000 60,000 The following summary transactions affecting accounts receivable occurred during the current year: Sales-all on account 2/10, 1/15, n/60 Cash received from customers The cash received from customers included the following. Customers paying within the 10-day discount period Customers paying within the 15-day discount period Recovery of accounts written off Customers paying beyond the discount period Accounts receivable written off as worthless Credit memoranda for sales return 7,935,000 8,000,000 4,410,000 2,475,000 15,000 ? 55,000 30,000 Required: a Prepare journal entries to record the transactions. b. Prepare the adjustment for doubtful accounts if the entity follows the percentage of accounts receivable consistently. c. Determine the net realizable value of accounts receivable at year-end