Smithson Industries estimates its uncollectible account by aging its accounts receivable and applying percentages to various aged categories of accounts. At year$-$end December $31,$ Smithson has a $$2,500,000$ balance in Accounts receivable. The unadjusted balance in Allowance for uncollectible accounts is $$40,000.$ Smithson estimates that $$50,000$ of the balance in Accounts receivable will not be collected.a$.$ What is the amount of bad debts expense that Smithson will report during the year?$Answer $110000$b$.$ Show the effect of any necessary adjustment to the Allowance for uncollectible accounts in the financial statement effects template.Use negative signs with your answers, when appropriate. Select $"$N$/$A$"$ as your answer if a part of the accounting equation is not affected.Balance SheetIncome StatementCashNoncashContraContributedEarnedNetTransactionAsset$+$Assets$-$Assets$=$Liabilities$+$Capital$+$CapitalRevenue$-$Expenses$=$IncomeDec. $31$Answer $2-10000$Answer $3$Answer $410000$Answer $5$Answer $6-10000$Answer $7$Answer $810000$Answer $9-10000$Answer $10$Accounts receivableAnswer $11$Answer $12$Allowance for uncollectible accountsAnswer $13$Answer $14$Retained earningsAnswer $15$Answer $16$Bad debts expensec. What is the net amount of accounts receivable reported in current assets at year end?$Answer $172450000$