A portion of the current assets section of the December 31, 2010, balance sheet for Gibbs Co. is presented here: Accounts receivable $ 24,100 Less: Allowance for bad debts (2,300) $ 21,800 The company's accounting records revealed the following information for the year ended December 31, 2011: Sales (all on account) $ 163,500 Cash collections from customers 139,000 Accounts written off 2,800 Bad debts expense (accrued at 12/31/11) 5,400 Required: Calculate the net realizable value of accounts receivable at December 31, 2011, and allowance for bad debts for Gibbs Co., as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) At December 31, 2011: Accounts receivable $ Less: Allowance for bad debts $ $