On December 31, 2020, Corotel Company's year end, the unadjusted trial balance included the following items: Accounts receivable Allowance for doubtful accounts Sales (52,700,000 cash sales) Dicht 32,000,000 31.NO $10,000,000 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