Instruction: Answer the following questions. 1. Bank X was audited by Central Bank of Oman and was required to prepare the Allowance for Loan Losses at the end of 2013. Data provided includes the following: Beginning balances amounted to RO 3,500,000 and 40% of this amount is considered doubtful of collection. About 20% of what was considered doubtful was written off but on 80% has been recovered before the end of the year. Prepare the necessary entries and compute for the ending Allowance for Loan Losses at the end of 2013