Joey's Bike shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year 1 , its first year of operations, Joey's Bike Shop experienced the following. \begin{tabular}{|l|r|} \hline Sales on account & $260,000 \\ \hline Cash sales & $580,000 \\ \hline Collections of accounts receivable & $235,000 \\ \hline Uncollectible accounts charged off during the year & $1,250 \\ \hline \end{tabular} Required: a. Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. 1% Answer the following questions: (Use cell references from the given information above to complete these questions.) (1) What is the Accounts Receivable balance at December 31 , Year 1 ? (2) What is the ending balance of the Allowance for Doubtful Accounts at December 31 , Year 1 , after all entries and adjusting entries are posted? (3) What is the amount of uncollectible accounts expense for Year 1 ? (4) What is the net realizable value of accounts receivable at December 31 , Year 1 ? b. Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: (Use cell references from the given information above to complete these questions.) (1) What is the Accounts Receivable balance at December 31 , Year 1 ? (2) What is the amount of uncollectible accounts expense for Year 1 ? (3) What is the net realizable value of accounts receivable at December 31 , Year 1