Due: /12 Total Marks Question 1 ABC Corp. has the following account balances at December 31, 2005; Accounts Receivable S185,600 and Allowance for Doubtful Accounts $600 (debit balance). ABC Corp uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year end: Estimated Uncollectible Percentage 2% 5% 15% 35% 45% Age Group Balance Account Age Current 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due 96,000 64,000 16,000 6.400 3,200 Prepare the journal entry to record 20xx bad debt expense. Question 2 River Outdoor Supply Corporation (River Corp.) was organized on January 2, 2017. River Corp. issued 50,000 common shares for $250,000 on that date. The following investment transactions and events subsequently occurred: 6 Marks 2017 12 Rvor Corp, scquaed 12,000 sharos of Tumer Ltd. at a cost of $250,000. 1hs inestmant apresented 24% cf Tumers cutstanding shares Turner Ltd. cocsared and pad a casth dividend of $1.00 per sharo. Tumer Ltd. announced that as prces tor 2017 was $125.000, Jan Mar 31 Dec. 31 2018 Aug 15 Tarnar Ltd. ooclared and paid a cash dwOund of $0.80 par sharu. Dac. 31 Tumer Lid aanounced that ts loss for 2018 was $5,000. 2019 san. Rver Corp. sold as of ts ivostment in Tumer Ltd. for $230.000 cash Assume that River Corp. has significant influence over Turner Ltd. with its 24 % share. Required 1. Give the entries to record the preceding transactions in River Corp.'s books. 2. Calculate the carrying value per share of River Corp.'s investment as reflected in the investment account on January 1, 2019. 3. Calculate the change in River Corp.'s equity from January 12, 2017, through January 6, 2019, resulting from its investment in Turmer Ltd