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 $.425,000 (18,600) $ 407,600 The company's accounting records revealed the following information for the year ended December 31, 2020 Sales (011 on account) Cash collections from customers Accounts written off Bad debts expense (accrued at 12/31/20) $ 2,600,000 2,375,000 30,000 41,00 5 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 Bac Debts accounts) At December 31, 2020 Accounts receivable Less Allowance for bad debts Accounts recolvable (Net 0 5 Prey 13: Next >