QUESTION 12 Snoopy, Inc. records its bad debt expense on the credit sales method. Total sales during 2020 were $1,500,000, which consisted of $300,000 of cash sales and the remainder were credit sales. Snoopy's estimation is that 3% of net sales would be uncollectible. During the year, Snoopy wrote off $100,000 of accounts receivable and the allowance for doubtful accounts amount is $50,000. What is the amount of bad debt expense for 2020? $3,000 $14,000 $36,000 $45,000 QUESTION 13 David has a skate sharpening business. He purchased equipment on August 1, 2019 for $120,000 with an estimated salvage value of $20,000 and a useful life of 5 years. What would the net book value be for David's equipment at December 31, 2019? $71,667 $80,000 $91,667 $111,667