C. WILHELM Company reported the following information for the year 2022 to 2023 : Allowance for bad debts and accounts receivable at the beginning of 2022 amounted to P460,000 and P7,600,000, respectively. Consistently, the company estimates its bad debts by applying 2% of the amount of credit sales. However, starting 2023 the company estimated allowance for bad debts equal to 5% of ending accounts receivable balance. Required: Determine the bad debts expense and allowance for bad debts ending balances for 2022 and 2023. C. WILHELM Company reported the following information for the year 2022 to 2023 : Allowance for bad debts and accounts receivable at the beginning of 2022 amounted to P460,000 and P7,600,000, respectively. Consistently, the company estimates its bad debts by applying 2% of the amount of credit sales. However, starting 2023 the company estimated allowance for bad debts equal to 5% of ending accounts receivable balance. Required: Determine the bad debts expense and allowance for bad debts ending balances for 2022 and 2023