Elizabeth's Retail Store has the following balances in their accounts. Calculate the bad debts and record the journal entries for each method. Accounts Receivable $500,000 debit balance Net Credit Sales $2,000,000 credit balance A. % of sales method - management has determined that 3% will be uncollectible. Balance in Allowance for Bad Debts is a $500 credit. B. % of receivables method-management has determined that 4% will be uncollectible. Balance in Allowance for Bad Debts is an $800 credit. C. % of receivables method - uncollectible is 3%, but the balance in Allowance for Bad Debts is $500 debit. ABC Co. disposes of a truck on December 31, 2021. The truck originally cost $72,000. ABC has depreciated the truck each year using straight line depreciation of $12,000 per year. They last recorded depreciation on December 31, 2020. The balance in Accumulated Depreciation, as of December 31, 2020 is $60,000. Make all necessary journal entries, including any adjustments for depreciation, to dispose of the truck. A. Assume ABC receives $4,000 in cash at disposal. B. Assume ABC receives $15,000 in cash at disposal. C. Assume ABC receives no cash at disposal. ABC Co. purchases equipment with a cost of $120,000 on January 1, 2021. ABC paid cash. The equipment has no salvage value. The useful life is 5 years. Record the journal entry for the purchase of the truck Calculate the depreciation for the first year, 2021, using straight line depreciation and record the appropriate journal entry. What is the book value after the 2021 entry for depreciation? Calculate the depreciation for 2022, using straight line depreciation and record the appropriate journal entry. What is the book value after the 2022 entry for depreciation