Brooke Company, which has been in business for three years, makes all of its sales on account and does not offer cash discounts. The firm's credit sales, collections from customers, and write- offs of uncollectible accounts for the three-year period are summarized as follows: Year Sales Collections Accounts Written Off 2018 751,000 733,000 5,300 2019 876,000 864,000 6,400 2020 980,000 938,000 6,500 Required: a. If Brooke Company used an allowance method of recognizing credit losses and provided for such losses at the rate of one percent of credit sales, what amounts of accounts receivable and the allowance for doubtful accounts should appear on the firm's balance sheet at the end of 2020? b. Comment on the use of the one percent rate to provide for credit losses in part a