Novak Corporation has conducted a year-end review of its outstanding accounts receivable and has determined the following information at December 31, 2023: Outstanding Percentage Estimated Balance to be Uncollectible 0-30 days outstanding $68,600 2.0% 31 60 days outstanding 29,400 4.0% 61 90 days outstanding 14,700 8.0% 91 120 days outstanding 4,900 18.0% Over 120 days outstanding 2,000 25.0% Novak follows ASPE. (a) Your answer has been saved. See score details after the due date. Calculate the required balance for the allowance for doubtful accounts account. (b) Balance required for the allowance for doubtful account $ Your answer has been saved. See score details after the due date. 5106 Attempts: 1 of 1 used Prepare the year-end adjusting entry for loss on impairment, assuming the Allowance for doubtful accounts had a credit balance of $2,000 prior to the adjustment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) (c) Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts Debit 3106 Credit 3106 Attempts: 1 of 1 used Prepare the year-end adjusting entry for loss on impairment, assuming the Allowance for doubtful accounts had a debit balance of $1,200 prior to the adjustment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit