Remaining Time: 3 hours, 42 minutes, 40 seconds. Question Completion Status: 326,425 QUESTION 35 Use the information below for the following two questions: On January 1, 2019. Aguero Corp. accepted a 5 percent 3 year $800,000 note from Ramos Corp. in exchange for a service it provided to Ramos. The effective yield for such a note is 8 percent. Ramos will make andere interestepayments starting on December 31, 2019, and the principal will be paid at the end of the third year. After making the first payment in full, Ramos began to experience financial difficulties. on January 1, 2020. Aguero estimates that it will only collect 70% of each of the remaining interest payments and 80% of the principal due at maturity. 5 percent 8 percent Present Value of 1 (2 periods) 0.90703 0.85734 Present Value of 1 (3 periods) 0.86384 0.79383 Present Value of an Ordinary Annuity of 1 (2 periods) 1.85941 1.78326 Present Value of an Ordinary Annuity of 1 (3 periods) 2.72325 2.57710 Assuming Aguero made all required journal entries through 12/31/2019. how much bad debt expense should Aguero record on January 1, 20207 $158,571 $171,371 $213,719 $238.148 QUESTION 36 Assuming Aguero made all required journal entries through 12/31/2019. which of the following is/are correct regarding the effect of the entry on January 1, 20207 (0) (ii) cilo (iv) Reduces gross receivables Reduces net receivables Does not affect total assets Increases net receivables (0) and (iii) (1) only (ii) and (iv) only Click Save and Submit to save and submit. Click Save All Answers to save all answers. Msi