Estimating Uncollectible Accounts and Reporting Receivables over Multiple PeriodsWeiss Company, which has been in business for three years, makes all of its sales on credit and does not offer cash discounts. Its credit sales, customer collections, and write$-$offs of uncollectible accounts for its first three years follow.YearSalesCollectionsAccounts Written OffYear $1$$$733,000$$$716,000$$$5,300$Year $2857,000842,0005,800$Year $3945,000928,0006,500$a$.$ Weiss recognizes bad debts expense as $1\%$ of sales. $($Hint: This means the allowance account is increased by $1\%$ of credit sales regardless of any write$-$offs and unused balances.$)$ What amount of bad debt expense appears on Weisss income statement for each of the three years?Note: Round answers to the nearest dollar, if applicable.Year $1$Year $2$Year $3$Bad Debt Expense:b$.$ Compute accounts receivable and the allowance for uncollectible accounts for each of the three years.Note: Do not use a negative sign.Note: Round answers to the nearest dollar, if applicable.Year $1$Year $2$Year $3$Accounts Receivable, gross:Allowance for Uncollectible Accounts:Accounts Receivable, net:c$.$ Does the $1\%$ rate used to provide for bad debts seem appropriate?The $1\%$ rate appears to be too Answer $10.$