Required information Use the following information for the Exercises 10-11 below. (Static) [The foulowing information applies to the questions displayed beiow] At year-end December 31, Chan Company estimates its bad debts as 18 of its annual credit sales of 5487,500 . Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Parkis uncollectible and writes it off as a bad debt. On June 5. Park unexpectedly pays the ansount previously written off Exercise 9-10 (Static) Percent of sales method; write-off LO P3 Prepare Charis joumal entries to record the transactions of December 31, February 1, and June 5