Part 2 of 3 As the controller of Lynbrook Securities, you would like to begin using the aging method to determine the ending balance in the Allowance for Doubtful Accounts. Your accounting staff provided you with the following aging schedule for Lynbrook's accounts receivable at December 31, 2020: Accounts Receivable Category 0-30 days 31-60 61-90 Over 91 days Amount $ 350,000 95,000 42,000 12,000 $ 499,000 Proportion Expected to Default 2% 15% 25% 60% Required: If the Allowance for Doubtful Accounts had a debit balance of $5,000, prepare an answer the following three questions: 1. Compute the bad debt expense. 2. Prepare the adjusting journal entry to record the bad debt expense. 3. Determine the Net Accounts Receivable amount that will be reported in the December 31, 2020 Balance Sheet