he following transactions were completed by Irvine Company during the current fiscal year ended December 31 : Feb. 8 Received 40% of the $18,000 balance owed by DeCoy C0, a bankipt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been writen off in the preceding year as uncollectible. Journalized the receipt of $7,350 cash in full payment of Seth's account. Aug. 13 Wrote off the $6,400 balance owed by Kat Tracks Co., which has no assets. Oct. 31 Reinstated the account of Crawlord C0, which had been written off in the preceding year as unoollectible. Journalized the receipt of $3,880 cash in full payment of the account. Dec. 31 Wrote of the following accounts as uncollectible (compound entry): Newbauer Co. \$7,190; Bonneville Co, \$5,500; Crow Distributors, \$9,400; Fiber Optics, \$1,110. Dec. 31 Based on an analysis of the $1,785,000 of accounts receivable, it was estimated that $35,700 will be uncollectible. Joumalized the adjusting entry. Required: 1. Record the January 1 credit balance of $26,000 in a T-account for Allowance for Doublful Accounts. 2. a. Journalize the transactions. b. Post each entry that affects the following selected T-accounts and dotermine the new balances: Alowance for Doubplui Accounts and Bad Debt Exponso. 3. Determine the expected netrealizable value of the accounts receivabie as of December 31 . 4. Assuming that instoad of basing the provision for uncolioctible accounts on an analysis of recelvables, the adjusting entry on December 31 had been based on an estimated expense of 14 of 1% of the salos of $18,200,000 for the your, dotermine the following: a. Bad debtexpense for the year. b. Balance in the aliowance account after the adjustment of Docember 31 . c. Expected net realizable value of the accounts receivable as of December 31