ETR uses both the percent-of-sales and the aging methods to account for uncollectible receivables. Excelsior Technical Resources' (ETR's) balance sheet at December 31, 2018, reported the following: (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. How much of the December 31, 2018, balance of accounts receivable did ETR expect to collect? Stated differently, what was the net realizable value of ETR's receivables? The net realizable value of ETR's receivables at December 31, 2018 is $ 330 million. Requirement 2. Journalize, without explanations, the following 2019 entries for ETR. (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions as provided to you in the problem statement, X.X.) a. Estimated doubtful-account expense of $40 million, based on the percent-of-sales method, all during the year. Journal Entry Accounts Doubtful-Account Expense Date a. Credit Debit 40 N Allowance for Doubtful Accounts b. Write-offs of uncollectible accounts receivable total $58 million. Prepare a T-account for Allowance for Doubtful Accounts and post the write-offs and the doubtful-account expense from part a. to this account. Show its unadjusted balance at December 31, 2019. Begin by preparing the journal entry. Journal Entry Date Accounts Credit Debit 58|| b. 1 Allowance for Doubtful Accounts Accounts Receivable Now prepare the T-account for Allowance for Doubtful Accounts and post to this account. Show its unadjusted balance at December 31, 2019 Allowance for Doubtful Accounts c. On December 31, 2019, an aging-of-receivables, indicates that $47 million of the total receivables of $400 million is uncollectible at year-end. Record doubtful-account expense at December 31, 2019. Post this amount to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. Begin by preparing the journal entry. Journal Entry Accounts Date Credit Now post to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. (Begin by entering the unadjusted balance from b above, then complete the T-account.) Allowance for Doubtful Accounts Requirement 3. Show how ETR's receivables and the related allowance will appear on the December 31, 2019, balance sheet. Excelsior Technical Resources Balance Sheet (partial) December 31, 2019 In Millions of $ Less: Requirement 4. Show what ETR's income statement for the year ending December 31, 2019, will report for these transactions. Excelsior Company Income Statement (partial) Year Ended December 31, 2019 In Millions of $ i Data Table (In millions) Accounts receivable ........... $ 382 Allowance for doubtful accounts (52) Print Done