A company had the Accounts receivable balance equal to $125,800 at December 31, 2020. The balance of Allowance for Uncollectible account is currently $5,560. Aging of accounts receivable yields following data: Amount receivable % uncollectible Age of the account receivable 0-90 days Over 90 days Total receivables 120000 5800 125800 4% 24% Requirements: 1. Calculate the target balance at the end of 2020. 2. Journalize entry to adjust the allowance account to its correct balance at December 31, 2020. 3. Prepare a T-account to compute the ending balance of Allowance for uncollectible accounts. 4. Interpret the meaning of the numbers calculated here. What is it that we are tying to achieve here? Why? DS (30 points) Age of the Accounts Receivable Total 0-90 days Over 90 days receivables Amount receivable 125,800 120,000 4% 5,800 24% % uncollectible