On December 31, 2023, Cullumber Company reported the following information in its financial statements: During 2024, the company had the following transactions related to receivables: 1. 53 ies were $10,585,000, of which $8,468,000 were on account. 2. Collections of accounts recelvable were $7,287,000. 3. Writeoffs of accounts receivable were $78,000. 4. Recoveries of accounts previousty written off as uncollectible were 58,400 . Note that this amoint is not included in the collections referred to in item 2 abovel No. Account Tities and Explanation Debit Credit (1) Accounts Recelvable (2) Cash 7,287,000 Accounts Recelvable 7.287,000+2. (3) Alowance for Expected Credit Losses Accounts Receivable (4) Accounts Recelivable Afowance lor Expetied Credit Losser (To reinstate an accounts that were previously written off) Prepare the journal entry to record the credit losses for 2024. Cullumber Company has determined that the length of time a receivable is outstanding is the most appropriate credit risk characteristic for determining expected credit losses, and the company has prepared an aging schedule, which indicates that the expected credit losses as at the end of 2024 total $94,000. (Credit occount titles are qutomatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the omounts. List all debit entries before credit entries.)