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KCP is manufacturer of tool machine, used by company A, company B and company C. KCP has a December 31st year-end. Tool machine KCP sold a tool machine to company A. Delivery of the tool machine took place on March 1, 2019. Noramally payment is made within 30 days of delivery, company A made a $2,000 payment at the time of delivery and agreed to 3 additional payments of $1000 on each of May 1st of 2020, 2021 and 2022. company A signed a note contract to document the agreement. AR I Four clients with amounts owing are shown in the following ledger. December 31 2019 balance Allowance for Doubtful Accounts of $3,242. Age of Balance Outstanding 31-60 days Expected Loss 12/31/2019 Over 90 days 61-90 days Current $27,800 Customer mpany B mpany C mpany A mpany B A/R 12/31/2019 $27,800 $8,300 $30,100 $46,200 $112,400 $8,300 $30,100 ercentage Uncollectible Stimated Amount Uncollectible $57,900 0.50% $289.50 $46,200 $46,200 1% $462.00 $0 $8,300 5% 30% $0.00 $2,490.00 $3,241.50 balances at January 1, 2019 are as follows: AR $97,000 Expected Loss/ADA $6,400 . A journal entry to write-off $5,000 owing from Company C was recorded on June 30, 2019: 5,000 DR Allowance for Expected Loss CR Accounts Receivable 5,000 KCP received notification from their lawyers on January 14, 2020 that i) company C filed for bankruptcy earlier that week and that ii) KCP should not expect to collect any amounts outstanding. I Other information: A 6% interest rate Tool machine have a 30% profit rate KCP uses a perpetual inventory system Closing entries for the 2019 year-end have not been recorded . Required prepare all recommended journal entries for the 2019 year-end for management