Following is selected information (in millions) for Peter Company, AFTER year-end adjusting entries: For year ended December 31: 2012 2011 Net sales (85% on account) $ 49,000 $40,000 Bad debt expense 1,400 1,200 As of December 31: Gross Accounts Receivable $ 8,800 $5,000 Allowance for Doubtful Accounts 550 340 On the basis of the information provided for Peter Company, the Accounts Receivabl. $1,190 $1,200 $1,400 $890 None of the above. ASSUME THE FOLLOWING FOR DAVE COMPANY: $ 600,000 Sales on account for 2012 Sales discounts for 2012 8,000 520,000 Cash collections of accounts receivable in 2012 Accounts Receivable, 1/1/2012 $ 90,000 Allowance for Doubtful 3,000 Accounts 1/1/2012 (credit) During 2012, $2,000 of accounts receivable were written off as uncollectible. Under the allowance method, assume that bad debts are estimated at 3% of the ending balance in accounts receivable. For questions below under the allowance method, assume the 2012 adjustment has been made. Dave Company financial statement information for 2012 would show gross accounts receivable as: $170,000 $172,000 $80,000 $600,000. None of the above. ASSUME THE FOLLOWING FOR DAVE COMPANY: Sales on account for 2012 Sales discounts for 2012 $ 600,000 8,000 520,000 Cash collections of accounts receivable in 2012 Accounts Receivable, 1/1/2012 $ 90,000 Allowance for Doubtful 3,000 Accounts 1/1/2012 (credit) During 2012, $2,000 of accounts receivable were written off as uncollectible. Under the allowance method, assume that bad debts are estimated at 3% of the ending balance in accounts receivable. For questions below under the allowance method, assume the 2012 adjustment has been made. Dave Company financial statement information for 2012 would show Bad Debts Expense under the Allowance method as: $2,400. $4,100. $4,040. $4,040. None of the above