Part II Sung Music uses the ageing approach to estimate bad debt expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due $14,000, (2) up to 120 days past due $4,500, and (3) more than 120 days past due $2,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectability is (1)2 percent, (2) 12 percent, and (3) 30 percent, respectively. At December 31, 2020, the Allowance for Impairment balance was $1,800 credit before the end of period adjusting is made. Required: Prepare journal entries for the current year. (2 marks) (Total 12 marks)