Accounting and the Time Value of Money Expected Cash Flows Hiteck Electronics sells a diagnostic machine to a hospital with a four-year payment plan. The company would like to estimate the bad debt allowance needed to cover the notes outstanding over the next four years. Estimated lost cash flows and the probability of occurrence for each of the next four years are summarized in the following schedule. Projected Cash Flow Loss from Uncollected Probability of Loss Year 2023 Notes Occurring $8,000 90% 18,000 10% 2024 $10,000 15% A 22,000 70% 45,000 15% 2025 $6,000 85% 14,000 15% 2026 Risk-free rate $26,000 50% 35,000 50% 8% Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirement What is the estimated bad debt allowance at December 31, 2022? Saving & Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS b. Save your solution in the folder you just created; add-solution-date to end of file name 2 Upload and submit your file to be graded. Navigate back to the activity window-screen where you downloaded the initial spreadsheet Click Choose button under step 3; locate the file you just saved and click Open a. b. C Click Upload button under step 3 d. Click Submit button under step 4