Grimm Company performed an aged listing of their accounts receivable as of December 31st as presented belo 1-30 Days 31-60 Days 61-90- Days Over 90 Days Total Receivables Amount $160.000 $70,000 $30,000 $8,000 $268,000 Estimated Uncollectible 2% 4% 6% 30% Management at Grimm has estimated the amount of uncollectible (doubtful) as presented in the table above. Grimm company is trying to determine how to present the Accounts Receivable on the year end financial statement. Before any adjustment is made the balance in the allowance for uncollectible accounts is a credit balance of $3.400. Required: 1. Calculate the estimated balance in the Allowance for uncollectible accounts 2. Prepare the entry to adjust the allowance account to the correct balance Prepare a partial balance sheet showing how the Accounts receivable and Allowance for uncollectible accounts will be presented as of December 31st