Liang Company began operations in Year 1. During its first two years, the company completed a number of transa on credit, accounts receivable colections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,348,200 of merchandise (that had cost $978,200) on credit, terms n/30 b. Wrote off $19,400 of uncollectible accounts receivable. c. Received $666,700 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 210% of accounts receivable would Year 2 e. Sold $1,536,400 of merchandise (that had cost $1,251,800) on credit, terms n/30. f. Wrote off $28,000 of uncollectible accounts receivable. g. Received $1,300,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.10% of accounts receivable would Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end adjustme expense. (The company uses the perpetual inventory system and it applies the allowance method for its acco your intermediate calculations to the nearest dollar.)