Space Tech Inc. total annual sales in 2020 were $ 40,000,000 The year ending 12/31/20 account balance for Accounts Receivable (prior to any adjustments) is $ 9,500,000 The year ending 12/31/20 account balance for Allowance for Doubtful Accounts (prior to any adjustments) is $ 350,000 The C.F.O. (Chief Financial Officer) has informed the accounting department that the year ending 12/31/20 Allowance for Doubtful Accounts balance should be 2.5% of annual sales. Required: 1 Prepare the necessary year-end adjusting journal entry necessary to reflect the balance expected by the C.F.O. 2 Calculate the Net Accounts Receivable balance (after adjustment)