Lang, Inc. had net sales in 2020 of $7,000,000. At December 31, 2020, before adjusting entries, the balances in selected accounts were: accounts receivable $1,125,000 and the allowance for doubtful accounts $12,000 credit. Lang, Inc. estimates that 2% of its accounts receivable will prove to be uncollectible. What is the net realizable value of the receivables reported on the statement of financial position at December 31, 2020? $1,114,500 $1.400.000 51.125,000 $1,102,500