Computing and Recording Expected Credit Loss During this year, Wishbone Corporation had a total of $5,000,000 in sales, of which 80% were on credit. At year-end, the Accounts Receivable balance showed a total of $2,200,000, which had been aged as follows: Age Current Amount $1,800,000 175,000 1-30 days past due 31-60 days past due 125,000 61-90 days past due 60,000 Over 90 days past due 40,000 $2,200,000 Prepare the journal entry required at year-end to record the expected credit loss under each of the following independent conditions. Assume, where applicable, that Loss Allowance had a credit balance of $5,400 immediately before these adjustments. 1. Based on experience, uncollectible accounts existing at year-end are estimated to be 3% of total accounts receivable. If an amount box does not require an entry, leave it blank. Expected Credit Loss 114.600 x Loss Allowance 114,600