A company had the Accounts receivable balance equal to $328,400 at December 31, 2020. The balance of Allowance for Uncollectible account is currently $13,000. Aging of accounts receivable yields following data: Age of the account receivable 0-60 days Over 60 days Total receivables Amount receivable 326500 1900 328400 % uncollectible 4% 24% Requirements: 1. Calculate the target balance at at December 31, 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? IT (30 points) Age of the account receivable 0-60 days Over 60 days Total receivables Amount receivable 326,500 1,900 328,400 % uncollectible 4% 24%