Please solve last part.

Please solve last part.

file is attached

Thanks!

16/05/2016 WileyPLUS WileyPLUS: MyWileyPLUS | Help | Contact Us | Kieso, Intermediate Accounting, Tenth Canadian Edition, Volume 1 Home Read, Study & Practice Assignment INTERMEDIATE ACCOUNTING (ACCT2206) Gradebook Assignment > Open Assignment FULL SCREEN ASSIGNMENT RESOURCES Assignment #4 (Ch. 7) Question 1 Question 2 Question 3 Review Score PRINTER VERSION BACK Question 1 At the end of 2013, Perez Corporation has accounts receivable of $1.3 million and an allowance for doubtful accounts of $80,000. On January 16, 2014, Perez determined that its $19,000 receivable from Morganfield Ltd. will not be collected, and management has authorized its writeoff. On January 31, 2014, Perez received notification that the company will be receiving $0.20 for every $1.00 of accounts receivable relating to McKinley Ltd. The company had previously written off 100% of the amount due from McKinley ($63,000). Review Results by Study Objective (a) Your answer is correct. Prepare the journal entry for Perez Corporation to write off the Morganfield receivable and any journal entry necessary to reflect the notice regarding McKinley Ltd. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) To write off the Morganfield accounts: Account Titles and Explanation Debit Allowance for Doubtful Accounts Credit 19000 Accounts Receivable 19000 To reflect the notice regarding McKinley Ltd: Account Titles and Explanation Accounts Receivable http://edugen.wileyplus.com/edugen/student/mainfr.uni Debit Credit 12600 1/2 16/05/2016 http://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS 2/2 16/05/2016 WileyPLUS WileyPLUS: MyWileyPLUS | Help | Contact Us | Kieso, Intermediate Accounting, Tenth Canadian Edition, Volume 1 Home Read, Study & Practice Assignment INTERMEDIATE ACCOUNTING (ACCT2206) Gradebook Assignment > Open Assignment FULL SCREEN ASSIGNMENT RESOURCES Assignment #4 (Ch. 7) Question 1 SHOW LIST OF ACCOUNTS SHOW SOLUTION PRINTER VERSION BACK SHOW ANSWER LINK TO TEXT Question 2 Question 3 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Review Score Review Results by Study Objective Attempts: 2 of 4 used Earn Maximum Points available only if you answer this question correctly in three attempts or less. (b) Your answer is incorrect. Try again. What is the estimated net realizable value of Perez's accounts receivable before and after the entries above? What is the book value of Perez's accounts receivable before and after the entries above? Before Adjustments Net Realizable Value $ Book Value $ After Adjustments 1300000 80000 $ $ 1040000 64000 SHOW LIST OF ACCOUNTS http://edugen.wileyplus.com/edugen/student/mainfr.uni 1/2 16/05/2016 http://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS 2/2