Allowance - percentage of sales - 10 minutes During its 2022 fiscal year, Prancer Inc. had total sales of $2,100,000. Most of the sales were credit sales, with only $300,000 being cash sales. The company has the following information on its year end date of November 30, 2022: Account Accounts receivable Allowance for doubtful accounts Debit $245,000 Credit The company's accountant estimates bad debts to be 2.5% of credit sales. $1,200 Required: a) What is the current year bad debt expense? b) Record the year end adjustment to allowance for doubtful accounts c) How would Accounts receivable, net be disclosed on the balance sheet? d) On January 14, 2023, the company writes off a $3,500 accounts receivable from a customer: Calvin Ltd. Record the journal entry required to write off the receivable