At year-end (December 3 i ), Chan Company estimates its bad debts as 0.5% of its annual credit sales earsals $975.000. Chan records its bad debts expense for that estimate. de- Percent cides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park un- write-off expectedly pays the amount previously written off. On the following February 1,Chan of sales method. P3 Prepare the journal entries of Chan to record these transactions and events of December 31, February l. and June 5