Please show all calculations for full credit. (10 points) On January 1 of the current year, Saturn, Inc. had the following accounts on its books: Accounts Receivable Allowance for Doubtful Accounts $240,000 (debit) 8,000 (credit) During this year, credit sales were $1,200,000 and collections on account were $1,160,000. Required a. (25 points) Prepare general journal entries for the following transactions that occurred during the year: (1) Wrote off L. Beam's account, $6,800. (2) Wrote off N. Power's account, $2,400. (3) N. Power, who is in bankruptcy, paid $800 in final settlement of the account written off in transaction (2). This amount is not included in the $1,160,000 collections. (4) On December 31, estimated the year's bad debts expense at i% ofcredit sales. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the year- balance sheet 21Page