Question 11 The closing trade receivables as at 31/12/2020 before bad debts written off were 64,000. The business has increased its allowance on trade receivables from 2% during 2019 to 4% during 2020 on closing trade receivables after bad debts written off, to reflect the worsening economic environment. No bad debts were incurred and recorded during 2019. The following two transactions have just been recorded in preparation for finalising the financial statements for the year ending 31/12/2020: No ASSETS EXPENSES = (Op) EQUITY REVENUES LIABILITIES -8,000 +8,000 1 (trade (bad debts = receivables) written off) -1,000 +1,000 (allowance for 2 (doubtful trade receivables debts) / Allowance) Calculate the following: (a) What was the "allowance for trade receivables" balance shown on the Statement of Financial Position as at 31/12/2020? (2 marks) (b) What was the closing net trade receivable balance (i.e. after the allowance for trade receivables) shown on the business's Statement of Financial Position as at 31/12/2019? (4 marks)