Majestic Equipment Sales Company, which sells only on account had a $124,000 balance in its Accounts Receivable and a $5,400 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $839.000 and its total cash collections from customers were $780,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables off. However, one of these customers subsequently made a payment of $850. (Note that this amount is not included in the cash collections noted above) At the end of 2020, management decided that it would use an estimate for bad debts of 1% of its credit sales. (b) Show how the accounts receivable section of the statement of financial position at December 31, 2020, would be presented. Majestic Equipment Sales Company Statements of Financial Position (Partial) Accounts receivable, net List of Arron