Allowance Method The Wallbrook Company, which has been in business for three years, makes all of its sales on account and does not offer cash discounts. The firm's credit sales, collections from customers, and write-offs of uncollectible accounts for the three-year period are summarized below: Required If the Wallbrook Company used the allowance method of recognizing credit losses and provided for such losses at the rate of 1 percent of credit sales, what amounts in Accounts Receivable and the Allowance for Doubtful Accounts would appear on the firm's balance sheet at the end of the third year? What total amount of bad debts expense should appear on the firm's income statement during the three year period