At the beginning of 2008, Hi-Tech Company's accounts receivable balance was $140,000, and the balance in the Allowance for Bad Debt account was $5,600 (cr.). Hi-Tech's sales during 2008 were $1,050,000, of which 80% were on credit. Collections on account during the year were customers and wrote off a total of $4,000 of uncollectible accounts. One of the accounts written off during the year was for Mr. Jones who originally owed Hi-Tech $1,000. Hi-Tech wrote off his account when he declared bankruptcy in February, but by October, 2008, Mr. Jones had recovered financially and repaid his debt to Hi-Tech in order to clear his good name. 1. Record each of the above transactions and update the A/R and ABT t-accounts. 2. Record year-end adjusting entry for Bad Debt Expense based on the method the company is using. (using both income statement method and balance sheet method) 3. Determine Net Realizable Value of Accounts Receivable under each method