Answer the following question:

Timmothy Ltd. had balances in Accounts Receivable of $1,044,000 and Allowance for Doubtful Accounts of $74,000 on January 1, 2021.

During the year, the company had credit sales of $2,124,000 with cost of goods sold of $1,539,000.

Returns, all on credit sales, were a total of $64,000 with cost of goods sold of $46,000. Collections for the year were $2,567,000.

The company also wrote off $89,000 of accounts receivable as the customers declared bankruptcy.

However, $12,000 of the accounts written off as uncollectible were paid before the end of the year.

At year-end management determined that estimated uncollectible accounts would be 8% of the ending accounts receivable.

Provide all the entries required to record the above transactions and answer the questions which follow.

What is the ending balance in the accounts receivable at December 31, 2021, after all entries and adjustments have been recorded?

What is the balance in the Allowance for Doubtful Accounts at December 31, 2021, after all entries and adjustments have been recorded?

What is the balance in the Bad Debt Expense at December 31, 2021, after all entries and adjustments have been recorded?

What is the carrying value, also called the net realizable value, of Accounts Receivable on the December 31, 2021 year-end Statement of Financial Position?