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On September 1, Gray Company had the following account balances: Accounts Receivable, $73,500; Allowance for Uncollectible Accounts, $3,710. On September 5, Gray receives $170 from

On September 1, Gray Company had the following account balances: Accounts Receivable, $73,500; Allowance for Uncollectible Accounts, $3,710. On September 5, Gray receives $170 from Hayes Company. Hayes Company's account of $560 had been previously written off. Gray does not believe the remaining amount due from Hayes Company will be collected.

(a) What is the net realizable value (NRV) of the accounts receivable on September 1?

(b) What is the NRV on September 5?

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