Our company uses the percentage of receivables method to estimate bad debt expense for the year. We had the following account balances on our unadjusted trial balance at the end of the year (December 31): accounts receivable, debit balance of $150,000, allowance for bad debts, debit balance of $1.000. We estimate that 3.5% of accounts receivable at the end of the year are uncollectible. What will be the balance in allowance for bad debts after the adjusting entry is recorded? O $4000 $4,250 55.250 O $6.250 Question 30 1 pts Which method to estimate bad debts is required by GAAP for most companies? Mlowance method O direct write-off method units of production method FIFO method Question 31 1 pts On January 1, our company purchased a truck for $80,000. The estimated useful life of the truck is 4 years. The residual value at the end of 4 years is estimated to be $10,000. What is the depreciation expense for the third year of use if we use the straight line method O $17.500 O $20,000 O $35,000 O $52.500