On December 31, 2023, Sandhill Company reported the following information in its financial statements: Accounts receivable Allowance for expected credit losses Credit losses $1,194,000 83,580 82,380 During 2024, the company had the following transactions related to receivables: 1. Sales were $10,581,000, of which $8,464,800 were on account. 2. Collections of accounts receivable were $7,280,000. 3. Writeoffs of accounts receivable were $80,000. 4. Recoveries of accounts previously written off as uncollectible were $8,800. (Note that this amount is not included in the collections referred to in item 2 above.) Prepare the journal entries to record each of the four items above. (Credit account titles are automatically indented when amount is entered. Do now No. Account Titles and Explanation Debit Credit (1) 22 (To reinstate an accounts that were previously written off) (To record recovery of accounts that were previously written off) Enter the Accounts Receivable and the Allowance for Expected Credit Losses balances on January 1, 2024. Then post the entries presented in the previous part and calculate the new balances in these accou Accounts Receivable Rall 8889 (4) Allowance for Expected Credit Losses Pay the male (d) Show what would be presented on the statement of financial position as at December 31, 2024, related to accounts receivable. Sandhill Company Statements of Financial Position (Partial) Net Accounts Receivable