Smithson Corporation had a 1/1/17 balance in the Allowance for Doubtful Accounts of $30,000. During 2017, it wrote off $21, 600 of accounts and collected $6, 300 on accounts previously written off. The balance in Accounts Receivable was $600,000 at 1/1 and $720,000 at 12/31. At 12/31/17, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. Prepare the year-end journal entry required at 12/31/17. 2. On January 1, 2017, Equestrain Roads accepted a customer's $100,000 zero-interest-bearing two-year note in a sales transaction. The product sold normally sells for $92,000. Prepare the required journal entries on January 1 and December 31, 2017