Allowance method: Aging of accounts Wiggins Corporation utilizes an accounting software package that is capable of producing a detailed aging of outstanding accounts receivable. Following is the aging schedule as of December 31, 20x2. Spreadsheet A 1 Age Amount Outstanding 2 0 to 30 days $1,200,000 3 31 to 60 days 700,000 4 61 to 120 days 200,000 5 Over 120 days 25,000 6 D 800 Casper Wiggins has owned and operated Wiggins Corporation for many years and has a very good sense of the probability of collection of outstanding receivables, based on an aging analysis. The following table reveals the likelihood of collection: 8-07.05