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The Manda Panda Company uses the allowance method to account for bad debts. At the beginning of 2021, the allowance account had a credit balance of $82,000. Credit sales for 2021 totaled $2,990,000 and the year-end accounts receivable balance was $612,500. During this year. $79,000 in receivables were determined to be uncollectible. Manda Panda anticipates that 4% of all credit sales will ultimately become uncollectible. The scal year ends on December 31. Required: 1. Does this situation describe a loss contingency? 2. What is the bad debt expense that Manda Panda should report in its 2021 income statement? 3. Prepare the appropriatejournal entry to record the contingency. 4. Complete the table below to calculate the net realizable value Manda Panda should report in its 2021 balance sheet. Complete this question by ante-ling yomarlswers in the labs below. Required 1 Required 2 Required 3 ' Required 4 Does the". situation describe a 3055 conthgency? Required 2 > What is the bad debt expense that Manda Panda shame! report in its 2921 income statement? Journal entryr 1worksheet Record the contingency. Note: Enter debits before credits. Record entry.r Clear en tnr View general journal