Exercise 12-8 (Algo) St Joseph's Hospital began operations in December 2019 and had patient service revenues totaling \$1,110,000 (based on customar rates) for the month. Of this. $132,000 is billed to patients, representing their insurance deductibles and copayments. The balance ia billed to third-party payors, including insurance companies and government health care agencies. St Joseph's estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital's fiscal year ends on December 31. Requlred: 1. Prepare the journal entries for December 2019. Assume 15 percent of the amounts billed to patients will be reduced through Implicit price adjustments. 2. Prepare the journal entries for 2020 assuming the following a. S112,000 is collected from the patients during the year and $10.700 of price adjustments are granted to individuais: b. Actual contractual adustments total $246,000. The remaining receivable from third-party payors is collected (If no entry is required for o transectionievent, seiect "No Journal Entry Required" In the flrst account fleid.) Record the 20 percent third-party payor charges deductible by contractual adjustment for 2019. Record the provision for uncollectible accounts for 2019 . 4 Record the amount collected from the patients during the year 2020 and also the price adjustments granted to individuals. 5 Record the year end allowance for contractual adjustments for 2020. 5. Record the amount collected and actual contractual adjustments receivable from the third-party payors for 2020. Note : - journal entry has been entered