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 ($2,520,000 cash sales) Debit $2,060,000 29,000 $10,080,000 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. View transaction list X: 1 Record the estimate for uncollectible accounts. 2 Record the estimate for uncollectible accounts. Credit Note : = journal entry has been entered 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31, 2020 balance sheet given the facts in requirement 1(a). Partial Balance sheet Assets Current assets: 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31, 2020 balance sheet given the facts in requirement 1(b). Partial Balance Sheet Assets Current assets