At December 31, 2021, Oriole Industries reports the following selected accounts from the unadjusted trial balance for its first year of operations:

Accounts	Debit	Credit
Accounts receivable	574000
Accounts payable		287000
Cash	32800
Cost of goods sold	1435000
interest recivable	925
Interest revenue		1850
Merchandise inventory	266500
Notes receivable, due April 10, 2022	36900
Prepaid insurance	6560
Refund liability		65000
Short-term investments	41000
Sales		4989700
Sales returns and allowances	82000
Unearned revenue		20500

1) Prepare the journal entry to record the bad debt expense on December 31, 2021, assuming he credit manager estimates that 4% of the accounts receivable will become unpredictable.

2) Prepare the current assets section of the balance sheet for Oriole Industries on December 31, 2021.

3) Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business)