ABC Company provides for Doubtful Account based on 3.5% of Receivable. The following data is available for 2020: Credit sales during 2020 gross Account $6,750,000 3 Accounts receivable 1,150,000 Allowances for doubtful accounts (1/1/2020) Collections of accounts written off in prior year (customers credit was re-established) Customer accounts written off as uncollectible during 2020 35,000 4,500 23,550 Required: 1. Make the adjusting entry to record the Allowance for Doubtful Account on December 31, 2020. (5.0 marks) 2. According to part a, what is the balance for Cash Realizable Value as of December 31, 2020? (5.0 marks) 3. Discuss the reasons why the allowance method is preferable to direct write-off method. (5.0 marks)