Complete this question by entering your answers in the tabs below. a. What amount of cash was collected by McGinnis during Year 1 ? b. Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis record as uncollectible accounts expense in Year 1 ? (Round your final answer to nearest whole dollar amount.) c. What is the net realizable value of receivables at the end of Year 12 (Do not round intermediate calculations and round your final answer to nearest whole dollar amount.) Show the effect of these transactions on the financial statecinents by recording the appropriate arbounts in a harizontal statemeots model like the one shown you record amounts in the Cash flow column, indicate whether the item is an operating activity (OA), imvesting activity (IA), or finanding activity (FA). If iele Problem 5-24A (Algo) Determination of account balances-percent of receivables allowance method of occounting for uncollectible accounts LO 5-2 During the first year of operation, Year 1, McGinnis Appliance recognized $316,000 of service revenue on account. At the end of Year 1. the accounts recelvable balance was $62.118. Even though this is his first year in business, the owner believes he wil collect all but about 4 percent of the ending balance. Required a. What amount of cash was collected by McGinnis during Year 1 ? b. Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis record as uncollectible accounts expense in Year 1 ? c. What is the net realizable value of receivables at the end of Year 1 ? d. Show the effect of these transactions on the financial statements by recording the appropriate amounts in a horizontal statemients model like the one shown here. When you record omounts in the Cash Flow column, indicate whether the ifem is an operating activity (OA), investing activity (IA), or financing activity (FA) If element is not affected by the event, leave the cell biank. Complete this question by entering your answers in the tabs below. a. What amount of cash was collected by McGinnis during Year 1