E8-6 (Algo) Computing Bad Debt Expense Using Aging of Accounts Receivable Method (LO 8-2] Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $113,000 of young accounts and $370,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $37,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $4,700, how much should be credited to the account? 1. Amount to be Reported 2. Amount to be Credited 3. Amount to be Credited