EMC Corporation manufactures large scale, high performance computer systems in a recent annual report the balance sheet included the following information is in millions 2015 Current assets: Receivables, less allowances of s in In addition the income statement reported sales revenue of $24704 millions for the current year All sales are made on a credit basis. The statement of cash flows indicates that cach collected from customers during the current year was 525.737 in millions) There were no recoveries of accounts receivable previously written off Required: 1. Compute the following is in millions) a. The amount of bad debts when off by EMC during 2015 b. The amount of bad debt expense that EMC Induded in its income statement for 2015 c. The approximate percentage that EMC used to estimate bad debts for 2015, assuming that it used the income statement approach 2. Suppose that EMC had used the direct write-off method to account for bad debts. Compute the following is in millions): a. The accounts receivabinformation that would be included in the 2015 year-end balance sheet b. The amount of bad debt expense that EMC Corporation would include in its 2015 income statement included the following information ($ in millions): 2015 2014 Current assets: Receivables, less allowances of $99 in 2015 and $72 in 2014 $3,977 $4,413 In addition, the income statement reported sales revenue of $24.704 ($ in millions) for the current year All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $25,737 ($ in millions). There were no recoveries of accounts receivable previously written off. Required: 1. Compute the following ($ in millions): a. The amount of bad debts written off by EMC during 2015 b. The amount of bad debt expense that EMC included in its income statement for 2015. c. The approximate percentage that EMC used to estimate bad debts for 2015, assuming that it used the income statement approach 2. Suppose that EMC had used the direct write-off method to account for bad debts. Compute the following ($ in millions): a. The accounts receivable information that would be included in the 2015 year-end balance sheet. b. The amount of bad debt expense that EMC Corporation would include in its 2015 income statement