Oceanic Supplies presents the following financial details for the year ended December 31, 2023: | Sales Revenue | $700,000 | | Accounts Receivable | Beginning: $80,000, Ending: $90,000 | | Bad Debt Expense | $12,000 | | Cash Collections from Customers | $695,000 | Determine the amount of revenue recognized on credit sales during the year, the net realizable value of accounts receivable, and evaluate Oceanic Supplies' credit management practices.