AP6-3 (Static) Determining Bad Debt Expense Based on Aglng Arialysis LO6-2 [The following information applies to the questions displayed below.] Assume that Briggs \& Stratton Engines Incorporated uses the aging appronch to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms n/45. The balarice of each nccoumt receivable is aged on the basis of four time periods as follows: (1) not yet due, (2) up to 6 months past due, (3) 6 to 12 months pat due, and (4) more than 1 year past due. Experience has shown that for each age group, the average loss rate on the amount of the receivable at year-end due to uncollectibility is (a) 1 percent, (b) 5 percent, (c) 20 percent, and (d) 50 percent, respectively. At December 31, 2022 (end of the current accounting year), the Accounts Receivable balance was $39,500 and the Allowance for Doubtful Accounts balance was $1,550 (credit). In determining which accounts have been paid, the company applies collections to the oldest sales first. To simplify, only five customer accounts are used; the details of each on December 31,2022 , follow: 4. Show how the amounts related to accounts receivable should be presented on the 2022 income statement and balance shee Complete this question by entering your answers in the tabs below. Show how the amounts related to accounts receivable should be presented on the 2022 income statement and balance she Complete this question by entering your answers in the tabs below. Show how the amounts related to accounts receivable should be presented on the 2022 balance sheet. Note: Amounts to be deducted should be indicated by a minus sign