On December 31, of this year, ABC had the following account balances before preparing the adjusting entry for bad debts: Accounts Receivable: $300,000 Debit Allowance for Doubtful Accounts: $3,000 Debit Sales (all sales made on credit): $800,000 Credit Sales returns and Allowances: $20,000 Debit Use this information to answer the next two questions (Q1) and Q2) (Q1) Based upon the experience of the company, 2\% of net sales is estimated to be uncollectible. "What is bad expense for the year?" "What is the Net Realizable of Accounts Receivable reported on the balance sheet after adjusting entries are made on December 31 of this year?" DO NOT use the $ sign or a comma in your answer Answer 1: 15600 Answer 2: 297000 (Q2) Based upon the experience of the company 5% of outstanding accounts receivable is estimated to be uncollectible. (Ignore what you did in Q1) "What is bad expense for the year?" "What is the in the Allowance for Doubtful Accounts after adjusting entries are made on December 31 of this year?" DO NOT use the $ sign or a comma in your answer Answer 1: 15000 Answer 2: 15000