A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable Less: Allowance for bad debts $ 20,100 (3,900) $16,200 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 oft Bad debts expense (accrued at 12/31/20) $ 171,500 151,000 3,400 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.) At December 31, 2020 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net)