On December 31, 2020, Corotel Company's year end, the unadjusted trial balance included the following items Account Accounts receivable Allowance for doubtful accounts Sales ($2,850,000 eash sales) Dobit 12,100,000 35,996 M1,466,696 Required 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions a. Bad debts are estimated to be 2% of credit sales b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible