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Wildhorse Corporation operates in an industry that has a high rate of bad debts. Before any year end adjustments, the balance in Wildhorse's Accounts Receivable account was $593,800 and Allowance for Doubtful Accounts had a credit balance of $44,400. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days (to be written off) Amount $314,200 118,700 83.400 43,700 19,700 14.100 Probability of Collection 0.97 0.90 0.85 0.82 0.50 0.00 x Your answer is incorrect. What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Balance for Allowance for Doubtful Accounts $ 65622 Show how accounts receivable would be presented on the balance sheet. WILDHORSE CORPORATION Balance Sheet (Partial) $ Accounts Receivable 593800 Less : Allowance for Doubtful Accounts 65622 Net Accounts Receivable $ 528178 On October 1, 2020, Whispering Fquipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2 year. $144,800, 10% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Whispering's financial statements are prepared on a calendar year basis. Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Whispering Equipment Company for the entire term of the note. Assume that reversing entries are not made on January 1, 2021 and January 1, 2022. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit 10/1/20 Notes Receivable Debit 144800 Sales Revenue 144800 12/31/20 Interest Receivable 14480 Interest Revenue 14480 10/1/21 Cash 159280 Interest Revenue 14480 10/1/21 Cash 159280 Interest Revenue 14480 Interest Receivable 144800 12/31/21 Interest Receivable Interest Revenue 10/1/22 Cash Interest Receivable Interest Revenue (To record the collection of Interest) Cash Notes Recelvable