P8.1A (LO 1, 2, 4) At January 1, 2021, Underwood Imports Inc. reported the following on its statement of financial position: Accounts receivable $1,760,000 Allowance for doubtful accounts 118,000 During 2021, the company had the following summary transactions for receivables: 1. Sales on account, $5,400,000; cost of goods sold, $2,970,000; return rate of 2% 2. Selling price of goods returned, $80,000; cost of goods returned to inventory, $44,000 3. Collection of accounts receivable, $5,400,000 4. Write offs of accounts receivable deemed uncollectible, $160,000 5. Collection of accounts previously written off as uncollectible, $72,000 6. After considering all of the above transactions, total estimated uncollectible accounts, $104,000 Instructions a. Prepare journal entries to record each of the above summary transactions. b. 1. Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts. 2. Enter the opening balances. 3. Post the above summary entries. 4. Determine the ending balances. c. Determine the carrying amount of the accounts receivable as at January 1 and December 31. d. Show the statement of financial position presentation of the receivables as at December 31. e. Show the statement of income presentation of the revenue and expense accounts for the year ended December 31. Record receivables and bad debts, show statement presentation