Part 2:

Show how the information related to accounts receivable is presented on the companys statement of financial position as at December 31 of the current year. (Enter your answer in millions of euros. Round intermediate calculations and final answers to 2 decimal place.)

Daimler AG is a globally leading producer of premium passenger cars and the largest manufacturer of commercial vehicles in the world. Its group of businesses includes Mercedes-Benz Cars, Daimler Trucks, Daimler Financial Services, Mercedes-Benz Vans, and Daimler Buses. The company disclosed the following analysis of its accounts receivable at December 31 of the current year (amounts in millions of euros): Assume that the estimated percentages of uncollectible accounts were determined as 0.1 percent, 1 percent, 5 percent, 10 percent, 20 percent, and 40 percent for the six age groups, respectively. At January 1 of the current year, the allowance for doubtful accounts had a balance of 124, and a total of 29 was written off as uncollectible during the year. The company recovered 15 from customers whose accounts were written off in the previous year. Required: 1. Prepare the journal entries to record the receivables that were written off in the current year, the recovery of receivables written off in the previous year, and the bad debt expense for the current year. (Enter your answer in millions of euros. Round intermediate calculations and final answers to 2 decimal place. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)