Suggested time 21 - 24 minutes Koala Corp. uses the balance sheet approach to estimate its uncollectible account at its year end, December 31, 2021. On that date before any adjustment for uncollectible accounts, Koala had the following balances: Accounts receivable $2,440,000 debit Allowance for doubtful accounts $3,200 debit The company's accountant prepared the following aging schedule and corresponding estimated uncollectible accounts for each category: 0 - 30 Days 31-60 days 61 - 90 days Over 90 days Amount $1,720,000 $520,000 $140,000 $60,000 Uncollectible 0.5% 1% 10% 40% Required: 1. Calculate the total estimated amount of uncollectible accounts at December 31, 2021. (4 marks) 2. Prepare the journal entry to record the uncollectible accounts for the year ended December 31, 2021. (2 marks) 3. Show how accounts receivable would be presented on the December 31, 2021 Statement of Financial Position for Koala Corp. (2 marks) 4. Assume on March 15, 2022, Koala decided to write-off the account of Mr. D Adams for $3,600. Prepare the journal entry to record the write-off of this account. (2 marks) 5. On July 2, 2022, the AR collections manager noticed in the paper that Mr. Adams was the lucky winner of a $8 million dollar Lotto 649 jackpot. The manager called Mr. Adams to ask for payment on his account. Mr. Adams agreed to make a payment and the company received and cashed his cheque for $3,600 on July 14. Prepare any entries necessary to record Mr. Adams' payment on account. (2 marks)