The accounts of Polaris Company provided the following 20X5 information at 31 December 20X5: Accounts receivable $ 1,925,000 (dr.) Allowance for sales discounts 26,100 (cr.) Allowance for doubtful accounts 150,500 (cr.) Total credit sales revenue during 20X5 23,654,000 Investigation showed the following: Examination of an aging of accounts receivable showed that accounts of $108,800 previously provided for should be written off. Of the remaining balance, $242,000 was doubtful at year-end. Estimated sales discounts inherent in the closing accounts receivable balance were $18,500. Terms of 1/10, n/45 were granted to customers. Accounts receivable were recorded gross, and the discounts taken were recorded when taken by the customers in a discounts account, reported contra to the sales account.

Required: 1. Prepare year-end adjusting entries with respect to accounts receivable and the related allowances

2.2. Calculate the net accounts receivable appear on the statement of financial position on 31 December 20X5.