Question 13) Fife Company has the following account balances at December 31 of the current year: Accounts Receivable $42,400 and Allowance for Doubtful Accounts $1,600 (credit balance). Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year-end: - de pe 1 Y (1) Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, current year, balance sheet. (2) Prepare the journal entry to record bad debts expense for the current year. Allowance fo balance). Fife uses the aging of accounts receivable to schedule reflects the situation at year-end: Schedule of Arts Receivable by Are Comer's Name D. Abol JM TPhilips Y. R. Majew Totals Percent Uncollectible Bitted the cont Toal Not yet die 1-30 days pel de 11.000 5,000 3.000 5,300 1,000 2.000 13.100 8000 3.000 4,000 3,000 1.000 9,000 9,000 42,400 26,000 9.O 29 31-60 days past de 61-90 days padde over 90 days pot de 2,000 1.000 1,000 SOO 500 2,000 100 1.900 5.000 10 500 09 (1) Calculate the amount of the Allowance for Doubtful December 31, current year, balance sheet. (2) Prepare the journal entry to record bad debts expense