At December 31, 2015, Klimek Company reports the following results for the year. Cash sales ......... Credit sales ...... $1,015,000 1,241,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable ................... Allowance for doubtful accounts ......... $475,000 debit 5,200 credit There was objective evidence that 9% of a $50,000 debt owed by a debtor, Kem Company, would most probably be uncollectible. An aging analysis of the rest of the accounts receivables indicated that an esti- mated 4% of these accounts would not be collectible. Required 1. Prepare the adjusting entry for Klimek Co. to recognize bad debts. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2015. statement of financial position