Required: Prepare the following spreadsheet using excel. For each required cell answer, make sure to use proper formulas to show your work. Total 0-30 days 31-60 days 61-90 days Over 90 days S0 50 S0 2Accounts recervable 4 Adjusted accounts receivable 5 Estimated percentage uncollectible 6 Allowance for doubtful accounts 50 Information: Hamilton Corporation is a manufacturer of men's casual clothing. The founder and CEO of the company retired on June 30, Year 1, after 10 years of management. During this time, sales and the net profits incresed modestly, but the CEO was very conservative about taking credit risk. On July 1, Year 1, Hamilton hired a new CEO with a strong marketing background. The company adopted a new business plan, which includes aggressive expansion into new markets and liberalization of the company's credit policy. This nevw business plan was implemented in the fourth quarter of Year 1, and resulted in a significant increase in sales for the month of December Hamilton uses the allowance method to record doubtful accounts for financial statement reporting. In prior years, Hamilton estimated its uncollectible accounts receivable by applying an estimated percentage to each category repoted on the accounts receivable aging analysis. This percentage is based on historical data. The following table summarizes the accounts receivable again anlaysis at December 31, Year 1, and the related estimated percentage uncollectible for each category. Accounts Receivable Aging Analysis at December 31, Year 1 Estimated Balance $225,000 240,000 127,000 $85,000 The balance in the allowance for doubtful accounts at January 1, Year 1, was $62,000. The activity in this account during Year 1 consisted of the write-off of accounted valued at $19,000 and a recovery $4,000 in accounts that were written off 0-30 days 31 60 days 61 90 days over 90 days 23% 60% in previous years