Short Problems - Respond to the following problems (6.5 points each) 1. On December 31, 2021, Vaden Corporation had the following account balances related to credit sales and receivables prior to recording adjusting entries: Required: Accounts receivable Allowance for doubtful accounts 400 (credit balance) Sales revenue (all credit sales) 1,050,000 $350,000 Prepare the necessary year-end adjusting entry to estimate bad debt expense for each of the following independent assumptions: a. Accounts Receivable is aged into three categories - Current $210,000, 30 - 60 days past due - $80,000 and >60 days past due - $60,000. Additionally, the amount uncollectible for each category is 5% for current, 10% for 30-60 days and 25% for > 60 days. b. It is estimated that 2% of credit sales for the year will prove to be uncollectible.