Surnmer Company has organized its accounts receivable by customer and how long each receivable has been outstanding Summer records bad debt expense based on an analy of an aged schedule The following information is as of the end of the year (December 31). (Ctick the icon to viow the schedule of accounts rectivable) At the beginning of the year. Summet had accounts recelvable of $490,000 and a cuedit balance of $26.000 in its allewance for uncollectible accounts Durhg the year it wrote off specific accounts recelvable in the amount of $05,000 Assume no recoveries of whte-effs during the year Read the tegulements Schedule of accounts receivable Requirements a. Compute bad debt expense for the year ending December 31 and the net realizable value of Summer's accounts receivable as of December 31. b. Prepare the journal entry to record the bad debt expense for the year. c. Independent of the information used in parts (a) and (b), assume that on January 1 of the current year with the net realizable value of accounts receivable equal to $474,000, the company decided to factor $450,000 of accounts receivable to Second Factors, LTD. Second retains 8% of the amount factored as a reserve or hold back. Second Factors also charged Summer a 7% financing fee ( 7% of the total factored amount). As a result, only 85% of the proceeds are remitted. i. Prepare the journal entry to record the factoring of $450,000 of accounts receivable assuming that Summer sold the receivables without recourse. ii. Prepare the journal entry to record the factoring of $450,000 of accounts receivable assuming that Summer sold the receivables with recourse and the recourse obligation is estimated to be $9,000