Required information (The following information applies to the questions displayed below) In an effort to boost sales in the current year, Roy's Gym has implemented a new program where members do not have to pay for their annual membership until the end of the year. The program seems to have substantially increased membership and revenues. Below are year-end amounts. Membership Revenues $185.000 555,000 Accounts Receivable $ 4,300 153,000 IAt year Current year Arnold, the owner, realizes that many members have not paid their annual membership fees by the end of the year However, Arnold believes that no allowance for uncollectible accounts should be reported in the current year because none of the nonpaying members' accounts have proven uncollectible. Arnold wants to use the direct write-off method to record bad debts, waiting until the end of next year before writing off any accounts. 3. Based on your answer in Part 2, for what amount will total assets and expenses be misstated in the current year if Arnold uses the direct write-off method? Ignore tax effects. Misstated amount