Problem 3 Collins Company analyzes its accounts receivable at December 31 and arrives at the age categories below along with the percentages that are estimated as uncollectible. The balance of the allowance for uncollectible accounts is $1,000 on December 31, before any adjustments. Aging 0-30 61-120 121-180 Accounts Receivable Estimated Loss 110,000 1% 27,000 5% 14,000 10% 9,000 25% 160,000 Over 180 Total Accounts Receivables A) What amount of bad debts expense will Collins report in its income statement for the year? (7 Points) B) Use the financial statement effects template to record Collins's bad debts expense for the year. (7 Points) C) Explain the concept of the aging of accounts receivables. (7 Points)