A portion of the current assets section of the December 31, 2022, balance sheet for Gibbs Company is presented here: Accounts receivable Less: Allowance for bad debts: $ 23,800 (3,500) $ 20,300 The company's accounting records revealed the following information for the year ended December 31, 2023: Sales (all on account) Cash collections from customers Accounts written off $ 168,500 148,000 Bad debts expense (accrued at 12/31/23) Required: 3,800 5,000 Calculate the net realizable value of accounts receivable at December 31, 2023, and prepare the appropriate balance sheet presentation for Gibbs Company as of that point in time. (Hint Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) At December 31, 2023 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net) $ 0