QUESTION 24 The following information applies to the questions displayed below.] On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $11 2,500 would be uncollectible. Loudoun uses the allowance method. On February 15, Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050. Which of the following correctly states the effect of Loudoun's recording the reestablishment of the receivable on April 4, Year 2? Stmt of Cash Flows NA Net Inc Assets Liab. Equit 1,050 NA NA NA Rev. Ex 1,050 NA 1,050 NA NA 1,050 NA 1,0501,050 1,050 NA (1,050) 1,0501,050 OA (1,050) B. 1,050 (1,050) NA NA D. NA NA NA Option A Option B Option C Option D NA