Prince Co. estimates bad debts by applying certain percentages to the accounts receivable aging as follows: Days past invoice date Percent deemed to be uncollectible 0 - 30 1% 31 90 5% 91 180 20% Over 180 80% The following additional information relates to the year ended December 31, 2020. $8,000 Allowance for doubtful accounts, before year-end adjustment (credit balance) Accounts receivable: 0 30 days old $300,000 31 91 days old 80,000 91 180 days old 60,000 Over 180 days old 25,000 Total $465,000 1. Determine the following amounts for 2020 financial statements: (2 items x 6 points each = Total 12 points) Item Amount ($) 1.1. Total estimated bad debts (i.e., uncollectible accounts) 1.2. Bad debt expense 2. Prepare the journal entry for the bad debt expense recognition. (Clearly indicate debit/credit.) (8 points)