Patterson Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expanse is recorded only at December 31, the company's fiscal year-end. At the end of year 2020, the balance of accounts receivable (gross) was $500,000 and the allowance for uncollectible accounts had a credit balance of $55,000. During 2021, credit sales were $1,850,000, cash collections from customers $1,708,000 and $42,000 in accounts receivable were written off. In addition, $2,000 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31,2021, reveals the following: Age group Percent Uncollectible 0-60 days 61-120 days Over 120 days Required: Percentage of Year-end receivables in group 70% 25% 5% 5% 12% 40% 1. What is the balance of accounts receivable (gross) at the end of 2021? 2. What is the balance of allowance for uncollectible accounts at the end of 2021 before adjusting for any bad debt expense? 3. Assume bad debt expense is estimated to be 2% of credit sales for the year, what is the amount of bad debt expense for 2021?|| 4. Assume an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly, a) What is the amount of bad debt expense for 2021? b) What would be the net amount of accounts receivable reported in the December 31, 2021 balance sheet