Problem 5-30 (Algo) Analysis of accounts receivable and allowance for bad debts-determine ending balances LO 5 A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable Less: Allowance for bad debts $ 21,600 (2,500) $19,100 The company's accounting records revealed the following information for the year ended December 31, 2020: Sales (all on account) Cash collections from customers Accounts written off Bad debts expense (accrued at 12/31/20) $ 154,500 135,000 2,500 5,200 Required: Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.) At December 31, 2020 Accounts receivable Less: Allowance for bad debts Accounts receivable (Net) $ 0