Crane Ltd. has been in business for several years and has the following information for its operations which ended December 31 , 2024: 1. Total sales for the year were $3,430,000, of which 60% were on account. 2. The company estimates that total expected credit losses at December 31,2024 will be $92,610. 3. Crane Ltd. began the year with $660,000 in accounts receivable and a normal credit to the allowance for expected credit losses of $81,000. 4. Crane Ltd. writes off customer accounts that have been outstanding for more than 120 days. During the year, accounts with a carrying amount of $78,000 reached the 120-day mark and were written off. 5. The company uses a collection agency to try to collect accounts that have been written off. The collection agency was able to collect $23,000 from customers whose accounts had previously been written off. 6. During the year the company collected $1,760,000 of its accounts receivable. Prepare a summary journal entry for the credit sales and journal entries to record the above transactions on the books of Crane If no