Cimon Inc balance sheet at December 31, 2015, reported the following Accounts receivable Allowance for uncollectible accounts The following are the transactions to be taken into consideration for 2016 $700,000 $23,331 a. Total credit sales for 2016 were $1,000,000 3% of sales were estimated to be uncollectible Simpleton received cash payments on account during 2016 for $640,000 d. Accounts receivable identified to be uncollectible totaled $36,000 e. December 31, 2016, aging of receivables indicates that $42.200 of the receivables are uncollectible Requirements 1. What all workings) 2. Prepare the journal entries for the company's 2016 transactions 3. Prepare the Accounts receivable and the Allowance for uncollectible accounts, was the net realizable value of the receivables as at December 31,2015. (show T-accounts based on the information presented above 4. What is the net realizable value of receivables as at December 31, 2016? (show all workings) 5. How much is the uncollectible account expense for 2016? (show all workings)