ABC Limited was formed a few years ago. ABC used the allowance method to measure its bad debts. Selected accounts and their balances at 30 June 2018 were as follows: Accounts receivable $60 000 Less: Allowance for doubtful debts 120 Building $ 200 000 Less: Accumulated Depreciation_building 45 000 Goodwill $ 100 000 Share Capital: 2 000 000 ordinary shares, fully paid $21 000 000 Retained earnings (accumulated losses) (60 000) From 1 July 2018 to 30 June 2019 the company completed the following selected transactions. ABC Limited accounting year ends on 30 June. 2018 July 1 July 28 Sold goods to Kmart, receiving a $40 000, 9-month, 9% bill. The cost of sales was $20 000. Sales on account were $80 000; 3% of sales were estimated to be uncollectable, and estimated warranty expense was 4% of sales (For simplicity, ignore the cost of sales for this transaction). 2019 March 28 April 1 Write-offs of accounts receivable totaled $2700. Kmart dishonoured its bill. Issued 1,000 ordinary shares to acquire land with a cost of $11000, the shares were traded at $14 per share on that date. May 08 June 30 June 30 Aging of receivables indicates that $2200 of the total receivables was bad. The value of the goodwill was determined to be $150 000. The Building had a recoverable amount of $120 000. The building was depreciated on a straight- line basic with 40-year expected life and no residual value. June 30 Required: Calculate the following for ABC Limited: 1. The balance of accounts receivable on June 30, 2019: 2. The total bad debts expenses incurred during this accounting year: 3. The balance of ordinary shares on June 30, 2019: 4. The balance of retained earnings on June 30, 2019: ABC Limited was formed a few years ago. ABC used the allowance method to measure its bad debts. Selected accounts and their balances at 30 June 2018 were as follows: Accounts receivable $60 000 Less: Allowance for doubtful debts 120 Building $ 200 000 Less: Accumulated Depreciation_building 45 000 Goodwill $ 100 000 Share Capital: 2 000 000 ordinary shares, fully paid $21 000 000 Retained earnings (accumulated losses) (60 000) From 1 July 2018 to 30 June 2019 the company completed the following selected transactions. ABC Limited accounting year ends on 30 June. 2018 July 1 July 28 Sold goods to Kmart, receiving a $40 000, 9-month, 9% bill. The cost of sales was $20 000. Sales on account were $80 000; 3% of sales were estimated to be uncollectable, and estimated warranty expense was 4% of sales (For simplicity, ignore the cost of sales for this transaction). 2019 March 28 April 1 Write-offs of accounts receivable totaled $2700. Kmart dishonoured its bill. Issued 1,000 ordinary shares to acquire land with a cost of $11000, the shares were traded at $14 per share on that date. May 08 June 30 June 30 Aging of receivables indicates that $2200 of the total receivables was bad. The value of the goodwill was determined to be $150 000. The Building had a recoverable amount of $120 000. The building was depreciated on a straight- line basic with 40-year expected life and no residual value. June 30 Required: Calculate the following for ABC Limited: 1. The balance of accounts receivable on June 30, 2019: 2. The total bad debts expenses incurred during this accounting year: 3. The balance of ordinary shares on June 30, 2019: 4. The balance of retained earnings on June 30, 2019