At December 31, 2011, Ethan Company reports the following results for its calendar year. Cash sales.... $1,803,750 Credit sales....$3,534,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable..... $1,070,100 debit Allowance for doubtful accounts.... $15,750 debit Prepare the adjusting entry for this company to recongnize bad debts under each of the following independant assumptions. A: bad debts are estimated to be 2% of credit sales 2. Show how accounts receivable and the allowance for doutful accounts appear on its December 31, 2011, balance sheet given in part 1a