please help me to answer exercise 7 and 8

7. In its first year of business, Mariman Company has net income of $290,000, exclusive of any adjustment for bad debts expense. The president of the company has asked you to calculate net income under each of two alternatives of accounting for bad debts: the direct write-off method and the allowance method. The president would like to use the method that will result in the higher net income. So far, no adjustments have been made to write off uncollectible accounts or to estimate bad debts. The relevant data are as follows: Write-offs of uncollectible accounts during the year Net credit sales Estimated percentage of net credit sales that will be uncollectible $ 21,000 750,000 5% D Required: T 1. Compute ncf income under each of the two alternatives. 2. Does Mariman have a choice as to which method to use? If so, should it base its choice on which method will result in the higher net income? (Ignore income taxes.) Explain. 8. Florence, Inc. purchased equipment at the beginning of 2016 for $140,000. The company decided to depreciate the equipment over a 10-year period using the double-declining-balance method. The company estimated the equipment's salvage value at $12,000. Show how the costs should be presented on Florence's financial statements at December 31, 2017. Label the statements properly