Question 1: The December 31, 2014 balance in the Accounts Receivable account for Initech, Inc. is S354,000, made up of the following partitions: Age of Accounts 0-30 Days 31-60 Days 61-120 Days More than 120 Days A/R Balance 162,000 145,000 21,000 26,000 354,000 Estimated % of Uncollectibles 1% 5% 20% 60% Based on prior experience, Initech estimates the percentage of total dollars from each group of receivables that will be uncollectible. For example, Initech estimates that 1.0% of all receivables outstanding between 0 and 30 days will be uncollectible. Initech's Allowance for Uncollectible Accounts balance was $35,700 at January 1, 2014 and the firm wrote off $23,000 worth of accounts during 2014. The firm records the Provision for Bad Debt Expense on 12/31/2014. REQUIRED: A. Calculate the firm's Net Accounts Receivable as shown on the December 31,2014 Balance Sheet B. Provide the necessary journal entry to record Initech's Provision for Bad Debt Expense for e year ended December 31,2014