Peony Ltd. had an unadjusted debit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $1,600. Age of Accounts Receivable December 31, 2020 Accounts Receivable $124,000 86,000 78,000 52,000 16,000 Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due > 90 days past due Expected Percentage Uncollectible 3% 6% 8% 9% 27% Required 1. Prepare the adjusting entry if Peony Ltd. estimates uncollectible accounts based on an aging analysis as shown above. 2. Show how accounts receivable would appear on the December 31, 2020, balance sheet