The Clapton Company uses the allowance method to account for bad debts. At the beginning of 2021, the allowance account had a credit balance of $100,000. Credit sales for 2021 totaled $3,000,000 and the year-end accounts receivable balance was $1,000,000. During this year, $50,000 in receivables were determined to be uncollectible. Manda Panda anticipates that 2% of all credit sales will ultimately become uncollectible. The fiscal year ends on December 31. Required: 1. Prepare the journal entry to write off the receivables determined to be uncollectible. 2. What is the bad debt expense that Clapton should report in its 2021 income statement? 3 Prepare the appropriate journal entry to record the bad debt expense. 4. Calculate the balance in the Allowance for uncollectible accounts at year end. 5. Calculate the net accounts realizable Clapton should report in its 2021 balance sheet.