The account balances of Cullumber Company at December 31, 2021, the end of the current year, show Accounts Receivable $140,400; Allowance for Doubtful Accounts $1,700 (credit); Sales $1,128,600; Sales Returns and Allowances $60,000; and Sales Discounts $15,600. Record the adjusting entry at December 31, 2021, assuming bad debts are estimated to be (1) 10% of accounts receivable, and (2) 1.5% of net sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation (1) Dec. 31 (2) Dec. 31 (To record estimate of uncollectible accounts.) (To record estimate of uncollectible accounts.) Debit Credit Calculate the carrying amount of the accounts receivable for each approach to estimating uncollectible accounts in part (a) above. (1) Carrying amount $ (2) Carrying amount $ Assume instead that the Allowance for Doubtful Accounts had a debit balance of $2,000 at December 31, 2021. What is bad debt expense for 2021, and what is the carrying amount of the accounts receivable at December 31, 2021, assuming bad debts are estimated to be (1) 10% of accounts receivable, and (2) 1.5% of net sales? (1) (2) Bad debts expense $ Carrying amount $ $ On April 22, 2020, Pharoah Enterprises purchased equipment for $134,860. The company expects to use the equipment for 11,800 working hours during its 4-year life and that it will have a residual value of $14,500. Pharoah has a December 31 year end and pro- rates depreciation to the nearest month. The actual machine usage was: 2,000 hours in 2020; 2,500 hours in 2021; 3,900 hours in 2022; 2,500 hours in 2023; and 1,100 hours in 2024. Calculate depreciation expense for the life of the asset under straight-line method. (Round answers to O decimal places, e.g. 5,276.) 2020 Depreciation Expense 2021 $ 2022 $ 2023 $ 2024 $ Calculate depreciation expense for the life of the asset under double diminishing-balance method. (Round answers to O decimal places, e.g. 5,276.) 2020 $ Depreciation Expense 2021 $ 2022 $ 2023 $ Calculate a depreciation expense for the life of the asset under units-of-production method. (Round unit rate to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 5,276.) Depreciation Expense 2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Which method results in the lowest profit over the life of the asset? Which method results in the least cash used for depreciation over the life of the asset