ABC Company is preparing its financial statement for the year ended. A summary of ABC's accounts receivable sub-ledger shows the following information: 0-30 days 3190 days > 90 days Total $9,275,000 $7,100,000 0.50% $1,800,000 2% $375,000 10% Balance outstanding, December 31 Estimated default rate Accounts written off during the year Collections on accounts written off | AFDA balance beginning of year, Jan 1 70,000 3,000 120,000 L Required: a) Determine the amount of bad debts expense required for the year. b) Show the journal entry to record bad debts expense for the year. c) Show the journal entry that was used to record write-offs for the year. d) Independent of the information above, suppose ABC factored $2,000,000 of receivables without recourse. In exchange, it received $1,900,000. Show the journal entry to record this transfer of receivables. e) Independent of the information above, suppose ABC instead factored the $2,000,000 of receivables for $1,930,000 with a recourse obligation of $45. The factor anticipated that 2% of these receivables will prove to be uncollectible, so the factor has withheld this amount from the cash paid upon the sale of the receivables to cover any uncollectible accounts. Should the amount of uncollectibles prove to be more or less than 2%, the difference will be paid by ABC up to the recourse amount and any amounts collected will be refunded to ABC. Show the journal entry to record this transfer of receivables