At the end of $2023,$ Perez Corporation has accounts receivable of $$2\mathrm{.}5$ million and an allowance for expected credit losses of $$120,000.$ On January $16,2024,$ Perez determined that its $$20,000$ receivable from Morganfield Ltd$.$ will not be collected, and management has authorized its write$-$off. On January $31,2024,$ Perez received notification that the company will receive $$0\mathrm{.}10$ for every $$1\mathrm{.}00$ of accounts receivable relating to McKinley Ltd$.$ The company had previously written off $100\%$ of the amount due from McKinley $($$$60,000).$

$($a$)$

Prepare the journal entry for Perez to write$-$off the Morganfield receivable and any journal entry needed to reflect the notice regarding McKinley. $($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 account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Morganfield Ltd$.$ accounts receivable write$-$off:

$\backslash$table$[[$Account Titles and Explanation Credit$],[$Debit$]]$

McKinley Ltd$.$ reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible:

Account Titles and Explanation

Debit

Credit