QUESTION 7 Reference: 06-01 Liberty Company estimates that its annual bad debts approximate 4% of credit sales. Liberty had the following balances at year end prior to recording adjusting entries: Credit Sales $160,000 Trade Receivables $30,000 Allowance for Doubtful Accounts $100 (debit balance) Following the completion of an aging analysis, the accountant for Liberty estimated that $1,100 of the receivables would be uncollectible. What would be the net realizable value of the receivables on Liberty's year-end balance sheet? $28,800. $28,900. $30,100 $29.900