Problem 7-12 Accounts and notes receivable; discounting a note receivable; receivables turnover ratio [LO7-5, 7-6, 7-7, 7-8, 7-9] Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $32,000 in allowance for uncollectible accounts Interest receivable Notes receivable $258,000 11,900 340,000 Additional Information: 1. The notes receivable account consists of two notes, a $85,000 note and a $255,000 note. The $85,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $255,000 note is dated June 30, 2018, with principal and 8% interest payable on June 30, 2019. 2. During 2019, sales revenue totaled $1,420,000, $1,320,000 cash was collected from customers, and $30,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable 3-On March 31, 2019, the $255,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. Chamberlain accounts for the discounting as a sale Required: 1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2019 income statement? 2. & 3. What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019 Complete this question by entering your answers in the tabs below Req 1 Req 2 and 3 Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2019 income statement? Revenue Expense: Req 1 Req 2 and 3 > Req 1 Req 2 and 3 What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019. (Round your Receivable turnover ratio" answer to I decimal place.) 2. Accounts recelvable, net 3. Recelvable turnover ratio imes Req 1 Req 2 and 3