Saved Required information [The following information applies to the questions displayed below) On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $73,800 and $3,500, respectively. During Year 2, Kincaid reported $204,000 of credit sales, wrote off $1,950 of receivables as uncollectible, and collected cash from receivables amounting to $252,100. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Which of the following describes the effects of Kincaid's entry to recognize the write-off of the uncollectible accounts? Multiple Choice O Increase assets and stockholders' equity. o Increase assets and decrease stockholders' equity o assets and stockholders' equity. Does not affect assets or stockholders' equity