Problem 7-2 Presented below are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Larkspur Company's unadjusted trial balance at December 31, 2017, included the following accounts. Debit Credit $48,200 Accounts receivable $4,380 Allowance for doubtful accounts $1,253,200 Net sales Larkspur Company estimates its bad debt expense to be 8% of gross accounts receivable. Determine its bad debt expense for 2017. Bad debt expense for 2017 2. An analysis and aging of Cullumber Corp. accounts receivable at December 31, 2017, disclosed the following. Amounts estimated to be uncollectible 180,290 Accounts receivable 1,764,600 Allowance for doubtful accounts (per books) 126,940 What is the net realizable value of Cullumber's receivables at December 31, 2017? The net realizable value