Al Jazeera steel company's unadjusted trial balance as on December 31, 2019 shows the following balances: Accounts receivable on December 31, 2019 OMR 2,320,000 Sales revenue, for the year 2019 (60% were credit sales) OMR 16,000,000 Allowance for bad debts as on January 1, 2019 (credit balance) OMR 4,000 Question No.4 You are required to: (1) Prepare necessary journal entry to record the bad debts if uncollectible accounts receivable are estimated to be 3% of accounts receivable. ( 3 Marks) (ii) Assume that on March 3, 2019 it was determined that OMR 64,000 of accounts receivable is uncollectible. Record the bad debt using direct write off method and allowance method. (3 Marks) (iii) What is the net realizable value of accounts receivable on December 31, 2019 assuming a write off of bad debts of OMR 64,000 is done on March 3 and 3% of accounts receivable is estimated to be uncollectible. (2 Marks) (iv) Which method of accounting for bad debts, direct write off or allowance is generally used? Why? [Answer in 40-60 words] (2 Marks)