Make sure you show your calculations. 6 points On December 31 of the current year, Kellan Company. reported the following: (6 marks) Total sales for the current year of $980,000, which included $150,000 in cash sales. Accounts receivable balance at Dec. 31 of the current year Bad debts written off during the current year $390,000 $ 4,800 Credit balance in Allowance for Doubtful Accounts at January 1 of the current year: $ 3,300 Prepare any adjusting entries required to record bad debts expense for the current year, assuming Kellan estimates bad debts will be: (a) About 1.5% of credit sales. (b) About 5% of accounts receivable