On December 31, 2020, Corotel Company's year end, the unadjusted trial balance included the following items: Credit Account Accounts receivable Allowance for doubtful accounts Sales (52,940,000 cash sales) Debit $2,110,000 34,000 $11,760.000 Required: 1. Prepare the adjusting entry needed in Cototel's books to recognize bad debts under each of the following independent assumptions a. Bad debts are estimated to be 29 of credit sales b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible