A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable $ 20,400 Less: Allowance for bad debts (2,500) $ 17,900 The company's accounting records revealed the following information for the year ended December 31, 2020: Sales (all on account) Cash collections from customers Accounts written off Bad debts expense (accrued at 12/31/20) $ 156,000 150,500 4,100 5,400 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, 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.)