Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: $(1)$ not yet due, $$285,000$; $(2)$ up to $120$ days past due, $$50,000$; and $(3)$ more than $120$ days past due, $$29,000.$ Experience has shown that for each age group, the average loss rate on the amount of the receivables at year$-$end due to uncollectibility is $(1)3\mathrm{.}0$ percent, $(2)11$ percent, and $(3)31$ percent, respectively. At December $31,$ the end of the current year, the Allowance for Doubtful Accounts balance is $$400($credit$)$ before the end$-$of$-$period adjusting entry is made.

Required:

Prepare the appropriate bad debt expense adjusting entry for the current year.

Show how the various accounts related to accounts receivable should be shown on the December $31,$ current year, balance sheet.

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Required $2$

Show how the various accounts related to accounts receivable should be shown on the December sheet. $($Amounts to be deducted should be indicated by a minus sign.$)$

$\backslash$table$[[$CHOU COMPANY,$],[$Partial Balance Sheet,,$],[$As of December $31,,],[,,],[,,],[,,],[,,],[,,]]$