em 8:-3A Aging accounts recelvable 102.3 eXcel CHECK FIGURE: 2, Bad Debt Expense = $60 On December 31, 2017, Toro Company's Allowance or $31,000. Theompany's Allowance for Doubtful Accounts had an unadjusted credit bal- accountant for Toro has prepared a schedule of the December 31, 2017, accounts in each age category on the basis of past experience, has estimated the percentage of the receivables u that will become uncollectible. This information is summarized as follows: Expected Percentage Uncollectible December 31, 2017 Age of Accounts R Accounts Receivable 1.25% Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 40 days past due $1,500,000 708,000 152,000 48,000 24,000 2.00 6.50 32.75 68.00 Required 1. Calculate the for doubtful accounts. amount that should appear in the December 31, 2017, balance sheet as the allowance 2. Prepare the journal entry to record bad debt expense for 2017. Analysls Com (created in 2017) was have on Toro's 2018 profit? Explain your answer ponent: On June 30, 2018, Toro Compang concluded that a customer's $7,500 receivable s uncollectible and that the account should be written off. What effect will this action