At the end of $2023,$ Grouper Corp. has accounts recelvable of $$2\mathrm{.}10$mill lon and an allowance for expected credit losses of $$129,500.$

On January $16,2024,$ Grouper determined that its $$21,200$ recelvable from Sherldan Company will not be collected, and

management has authorized Its write$-$off. On January $31,2024,$ Grouper recelved notification that the company will recelve $$0\mathrm{.}20$ for

every $$1\mathrm{.}00$ of accounts recelvable relating to Crane Company The company had previlously written off $100\%$ of the a mount due from

Crane $($$$59,500).$

$($a$)$

Your answer ls correct.

Prepare the Journal entry for Grouper to write$-$off the Sherldan recelvable and any joumal entry needed to reflect the notice

regarding Crane. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is

required, select $"$No Entry" for the occount titles and enter O for the amounts. List all debit entries before credit entries.$)$

Sherldan Company accounts recelvable write$-$off:

Account Titles and Explanation

Debit

Credit

Allowance for Expected Credit Losses

Accounts Recaivable

$]$

Crane Company reinstatement of partlal accounts recelvable for amounts previlously written off and now determined to be

collectible:

Account Titles and Explanation

Debit

Credit

Accounts Receivable

Allowance for Expected Cradit Losses

eTextbook and Media

List of Accounts

Attempts: $1$ of $3$ used

$($b$)$

What is the estlmated net realizable value of Grouper's accounts recelvable before and after the entrles above? What is the book

value of Grouper's accounts recelvable before and after the entrles above?