Question 2 Not yet answered Marked out of 3.00 P Flag question Ding Corp. has outstanding accounts receivable totaling P3 million as of December 31 and sales on credit during the year of P15 million. There is also a debit balance of P12,000 in the allowance for doubtful accounts. If the company estimates that 8% of its outstanding receivables will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense? O a. P 240,000 O b. P 252,000 Oc.P 228,000 O d. P1,200,000 Flag question Question 4 Not yet answered Marked out of 12.00 On January 1, 2020, Abe Company sold an equipment with a carrying amount of P800,000, receiving a non-interest bearing note due in three years with a face amount of P1,000,000. There is no established market value for the equipment. The interest rate for similar obligations is 12%. The present value of 1 at 12% for three periods is 0.712. Required: Solve the problem manually on paper. picture and upload as part of your requirement. On every page, write your name, section, problem number. Answer the following questions: 1. Amount of gain or loss on the sale of equipment in 2020 2. Reported Interest revenue for 2020 3. Carrying value of note receivable on December 31, 2020 4. Reported Interest revenue for 2021 5. Entry in 2020 will include a 6. Classification of Notes Receivable in the Statement of Financial Position in 2020