balance sheet for Gibbs Co. is presented here: Accounts receivable Less: Allowance for bad debts $425,000 (18,000 $407,000 The company's accounting records revealed the following information for the yg ended December 31, 2020: Sales (all on account) Cash collections from customers Accounts written off Bad debts expense (accrued at 12/31/20) $2,600,000 2,375,000 30.000 41,000 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, prepare the appropriate balance sheet presentation for Gibbs Co, as of that point time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) Problem 5.30 Analysis of accounts receivable and allowance for bad debts-determine LO 5 ending balances A portion of the current assets section of the December 31,300