Part II (18 marks) Big Ltd. used the statement of financial position approach to estimate uncollectible account receivable. On 1 January 2021, The Allowance for Impairment showed a credit balance of $15,000. During 2021, $120,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $20,000 were subsequently collected. The aging schedule of the accounts receivable as at 31 December was as follows: Days past due Accounts receivable Current 1 - 60 days 61 120 days Over 120 days $ 550,000 250,000 80,000 20,000 $900,000 Estimated uncollectible percentage 1% 4% 6% 8% Required: (a) Prepare the journal entries to record the amounts written off during 2021. (4 marks) (b) Prepare the journal entries to record the $20,000 in accounts receivable that were subsequently collected. (8 marks) 2