Question 11 On December 31, 2020, ABC Corporation closes its fiscal year with an allowance for doubtful accounts of $45,000 . During the fiscal quarter ended March 31, 2021, the company writes off accounts recevable of $48,000. On March 15, the company receives payment of $1,000 from a customer whose account had previously been written off On March 31, the company's balance of gross accounts receivable is $1,100,000 The company sets its ending balance for the allowance at 5% of gross receivables. In answering the following two questions, show all of your work including labels for numbers used in computations, (a) What should ABC report as the value of its allowance for doubtful accounts on March 31, 2021? (b) How much bad debt expense should ABC report for the quarter ended March 31, 2021