The accounts of Loring Company provided the following 20x8 information at December 31, 20x8 (end of the annual period) Accounts Receivable balance, January 1, 20x8 Allowance for doubtful accounts balance, January 1, 20x8 Total sales revenue during 20x8 (1/6 on credit) Uncollectible account to be written off during 20x8 Cash collected on accounts receivable during 20x8 $ 51,000 3,000 960,000 1,000 170,000 Estimates of bad debt losses: 1. Based on credit sales, 1%. 2. Based on aging schedule: + Age Accounts Receivable Probability of Non-collection 2% 10% Less than 30 days 31-90 days 91-120 days More than 120 days $28,000 7,000 3,000 2,000 30% 60% Required: 0 Give all necessary journal entries to record bad debt expense and write-offs under the two methods. (1) Show the Accounts Receivable (Net) in the 20x8 balance sheet under both methods. (i) Give the required journal entry if the customer whose account was written off ($1,000) paid his long-overdue account in full on March 1,20x9