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At December 31, 2024, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable $615,000 Less: Allowance for doubtful accounts 35,000 During 2025, the

image text in transcribed At December 31, 2024, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable $615,000 Less: Allowance for doubtful accounts 35,000 During 2025, the company had the following transactions related to receivables. 1. Sales on account $3,020,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,720,000 4. Write-offs of accounts receivable deemed uncollectible 45,000 5. Recovery of bad debts previously written off as uncollectible 21,000

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