Question $1$During the year ended December $31,2020,$ Precision Camera Equipment had sales revenue of$$152,000,$ of which $$76,000$ was on credit. At the start of $2020,$ Accounts Receivable showed a$$20,800$ debit balance, and the Allowance for Doubtful Accounts showed an $$1,250$ credit balance.Collections of accounts receivable during $2020$ amounted to $$58,800.$Use the following data for $2020$ to answer the questions:a$.$ On December $10,2020,$ a customer balance of $$2,130$ from a prior year was determined tobe uncollectible, so it was written off.b$.$ On December $31,2020,$ a decision was made to continue the accounting policy of basingestimated bad debt losses on $2$ percent of credit sales for the year.Requirement $1$: $(15$ Marks$)1.$ Prepare the required journal entries for the two events in December $2020.($If no entry isrequired write $"$No journal entry required$)$Requirement $2$: $(10$ Marks$)$Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reportedon the balance sheet and income statement for $2020.($Amounts to be deducted should be in