Check my work 5 A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: 5 ents Recounts receivable LARRY Allowance for bad debts $ 23,600 12,400) $21,400 The company's accounting records revealed the follicwing information for the year ended December 31, 2020 Print ferences Sales all on account) Cash collections from customers Accounts written oft sed doble expense (trued at 1273/20) $153,500 142,500 3,100 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co, as of that point in time. (Hint Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts) Al December , 2020 Accounts receivable Less Allowance for bodo Accounts receivable Neo $31.700 $ 31,700 ME Gtaw Hill MacBook Air S 4 3 6 8 7 E R Y 0 P D F G H K K v B N M