At year-end (December 31). Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1. Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt On June 5. Park unexpectedly pays the amount previously written off Prepare Chan's journal entries for the transactions