Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independen assumptions. a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31 , 2020, will become uncollectible. Journal entry worksheet Record the estimate for uncollectible accounts. Note: Enter debits before credits. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31,2020 balance sheet given the facts in requirement 1(a). 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31,2020 balance sheet given the facts in requirement 1(b)