Prepare a summary journal entry for the credit sales and journal entries to record the above transactions on the books of Crane Ltd. on December 31, 2024. (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 tities and enter o for the amounts. List all debit (To recognize the credit losses) (To write off accounts judged uncollectible) (To reinstate an account that was previously written off) (To record subsequent collection of accounts that were previously written off) (To record collection of accounts recelvable) Crane Ltd. has been in business for several years and has the following information for its operations which ended December 31 , 2024: 1. Total sales for the year were $3,440,000, of which 60% were on account. 2. The company estimates that total expected credit losses at December 31,2024 will be $92,880. 3. Crane Ltd, began the year with $650,000 in accounts receivable and a normal credit to the allowance for expected credit losses of $76,000. 4. Crane Ltd. writes off customer accounts that have been outstanding for more than 120 days. During the year, accounts with a carrying amount of $78,000 reached the 120 -day mark and were written oft. 5. The company uses a collection agency to try to collect accounts that have been written off. The collection agency was able to collect $25,000 from customers whose accounts had previously been written off. 6. During the year the company collected $1,840,000 of its accounts receivable