By the ead of its first year of operations, Hamburg Corporation has credit saies of 5600.000 and accounts receivable of 5200.000 . G.ven it's the first year of operations, Hamburg's management is unsure how much allowance for uncollectble accounts is shouid establish. One of the company's competitors, which has been in the same industry for an extended period, estimates uncollectibie accounts to be 4% of ending accourts receivable, so Hamburg decides to use that same amoum. However, actual wrise-offs in the following year were 20s of the $200,000 ( $40,000. Hamburg's inexperience in the industry led to making sales to high credi risk customers. Required: 1. Record the adjusting entry for uncolectible accounts at the end of the firs year of operations using the 4 thesimale of accounts receivabe. 2. By the end of the second year, Hamburg has the beneft of hindsight to know that estimates of uncollectible accounts in the first year were too low. By how much did Hamburg underestimate uncollectible accounts in the first year? How did this underestimation alfect the reported amounts of total assets and expenses at the end of the first year? lgnole tax effects. 3. Should Hamburg prepare new finsncial Matements for the trst year of operations to show the comect amount of uncolectible accounts? Compiete this question by entering your answers in the labs below