Company name is Lane Industries Inc. and their year-end is April 30, 2022 A portion of their A/R aging summary is presented showing a few customer details and total balances -Based on past experience they find the following information for outstanding balances: 1-30 Days 2.5% may not be collectible 31-60-5\% may not be collectible 61-90 Days 15% may not be collectible Over 90 Days 35% is likely not collectible -The current balance in allowance for doubtful accounts (AFDA) is a credit balance of $28,910 - Round all amounts to the nearest whole dollar Requirements: Using the aging of receivables method, calculate the allowance for doubtful accounts and record the necessary year-end adjustment with a description. 6 Marks Available: 2 2 Draft the "current asset" portion of the balance sheet to present the accounts receivable balance after the adjustment has been recorded. Other assets include cash of $17,350, inventory of $16,950, a note receivable (due within one year) of $42,500, prepaid expenses of $1,800 and capital assets of $325,420. Be sure to use the classified method. 2 Draft the "current asset" portion of the balance sheet to present the accounts receivable balance after the adjustment has been recorded. Other assets include cash of $17,350, inventory of $16,950, a note receivable (due within one year) of $42,500, prepaid expenses of $1,800 and capital assets of $325,420. Be sure to use the classified method. arks Available: 3 After the above adjustment for the AFDA, it is determined that Taylor Products Ltd. is bankrupt and Robert Kirk will not pay the balance in the 61-90 days outstanding amount. Prepare the journal entry with description to write off these accounts on May 1/22