On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independe 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. An analysis suggests that 5% of outstanding accounts receivable on December 31,2020 , will become uncollec 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31 , given the facts in requirement 1(a). X Answer is complete but not entirely correct. 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31 , given the facts in requirement 1(b). Answer is complete but not entirely correct