During spring break of 2021 from the prestigious Kalamazoo College, first-year, enterprising student Ash went home to the blustery, frigid Mississippi River Valley (Minnesota) to regroup for the final, first-year trimester. While at home, Ash "borrowed" some levain (i.e., starter stock) of sourdough from a family member, and immediately upon returning to school, began growing astock of dough for baking sourdough bread. Well, as luck would have it, the super sourdough recipe took off like a wildfire. Friends, faculty, and staff soon began ordering multiple loaves weekly. What was Ash to do? As a scarred student from the notorious Moffit-for-Profit business faculty member, Ash immediately decided to organize the baking operations of the supersourdough recipe into a formal business entity, Ash's Bakery, LLC. Formal business operations commenced on June 1, 2021. Sales skyrocketed! During the ensuing seven months, total fiscal 2021 gross sales were $835,000 of which 90 percent were sales to upscale grocerystores (e.g., Trader Joe's, Whole Foods, Fresh Thyme) on net 30 day terms. Ten percent (10%) of gross sales were retail, of which 80 percent were credit card sales (n.b., average credit card fees are 2% of retail credit sales). At year-end 2021, the wholesale accounts receivable balance stood at $110,000, aged as follows with percentage estimated uncollectible by age (source: Sourdough Bakers' Association). Days Past Due Amount %Uncollectible Current $60,000 2% 1-30 $30,000 4% 31-60 $15,000 6% >60 $ 5,000 25% The Sourdough Bakers' Associationsimilarly estimated the uncollectible percentage of wholesale credit sales to be 2 percent (2%). The crazy thing about the wholesale baking industry is the expired product percentage. About 15% of gross sales to wholesalers expire before purchase by consumer, and the stores are credited for the expired product. Having completed the first trimester of the sophomore year, Ash felt weary from the continued studies and the successful launch of a quickly growing bakery business. Ash reflected on the beginning accounting classes and pondered how to present the first, partial-year sales to potential investors and bankers. Required: Prepare a presentation of first year (calendar 2021) net sales for Ash's Bakery, LLC. using 1) the percentage ofsales method for estimating bad debt, and 2) the aging of accounts receivables method for estimating bad debt