following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 30% of the $18,900 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,265 cash in full payment of Seth's account. Aug. 13 Wrote off the $6,410 balance owed by Kat Tracks Co., which has no assets. Oct.31 Reinstated the account of Crawford Co., which had been written oft in the preceding year as uncollectible. Journalized the receipt of $3,980 cash in full payment of the account. Dec.31 Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., \$7,090; Bonneville Co., $5,485; Crow Distributors, $9,415; Fiber Optics, $1,190. Dec. 31 Based on an analysis of the $1,774,000 of accounts receivable, it was estimated that $35,480 will be uncollectible. Journalized the adjusting entry. 1. Record the January 1 credit balance of $25,795 in a T-account for Allowance for Doubtful Accounts. 2. a. Journalize the transactions. b. Post each entry that affects the following solected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 . 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of the adjusting entry on December 31 had been based an an estimated expense of 14 of 1% of the sales of $18,660,000 for the year, determine the following: a. Bad debt expense for the year. b. Balance in the alliowance account after the adjustment of December 3% c. Expected net realizable value of the accounts receivable as of December 31