A portion of the current assets section of the December 31, 2016, balance sheet for Gibbs Co. is presented here: 21,800 (3,700) 18,100 Less: Allowance for bad debts The company's accounting records revealed the following information for the year ended December 31, 2017: Cash collections from customers Accounts written off Bad debts expense (accrued at 12/31/17) $ 167,000 142,000 2,700 5,500 Required: Calculate the net realizable value of accounts receivable at December 31, 2017, and prepare the appropriate balance sheet presentation for Gibbs Co., as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) December 31, 2017 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net)