SUNFLOWER COMPANY Sunflower Company sells a variety of imported goods. By selling on credit, Sunflower cannot expect to collect 100% of its accounts receivable. At December 31, 2015, Sunflower reported the following in its statement of financial condition: Accounts receivable P 2,197,500 Less: Allowance for Bad Debts (133,500) -------------------- Accounts receivable, net P 2,064,000 ========== During the year ended December 31, 2016, Sunflower earned sales revenue of P 537,702,500 and collected cash of P528,070,500 from customers. Assume bad debt expense for the year was 1% of sales revenue and that Sunflower wrote off uncollectible accounts receivable totaling P 5,439,500. A. What is the accounts receivable balance at December 31, 2016? B. What is the December 31, 2016, balance of the Allowance for Bad Debts account?