* The company has a recourse ability of S700 related to a not receivable sold to a bank During 2019, credit sales terms. NEOM) totaled $2.200.000, and collections on accounts receivable unassigned amounted to 51.000.000: Uncollectible accounts totaling $18.000 from several customers were written off, and a $1.350 accounts receivable previously written oft was collected. Additionally, the following transactions relating to Blackmon's receivables occurred during the year: March 6 31 May 1 18 June 2 July 1 Received payment of $12.450 on a note from Renko Company. The payment included interest income of $460 The March bank statement indicated that the tranteed not had been paid at maturity Accepted a 120-day, 13 note from Licata Company in exchange for its account recevable of S4 800 Received a 56.900, 90-day, 12% note from Eagle Manufacturing Corporation for a credit sal Sold both the Licata and Eagle notes with recourse the bank at 45. Assume that Blackmon normally does not sell ita notes.) The estimated value of the recourse ability for the late and Eagle notes was $850 and $900, respectively Assigned $140,000 of accounts receivable to finance company. Under the terms of the agreement, Blackmon receives 85% of the value of the accounts assigned in a service charpe of $5,000, and is charged 15% per month on the outstanding loan balance A salon allowance of $2.500 on an assigned account is stowed by Blackroon A sales retum of $300 on an assigned account is granted by Bacon Collection of $80,000 are made on assigned accounts. This amount and one month's interest are remitted to the finance company Assigned accounts of $80,000 are collected, and the remainder of the loan in repaid, including interest The August bank statement indicated the Eage note had been paid The bank notified Blackon that Licata defuted on its role and charges a fee of 525 Collected the amount due from Licata Colected interest of $5,000 on the outstanding notes receivable 6 13 31 August 31 31 September 1 4 December 31 On December 31, 2019, an aging of the accounts receivable balance indicated the followme Age Amount Estimated Percentage Uncollectible Under 30 days $240.487 0.5% 31-60 days 113,421 1.5 51-90 days 30,933 8.0 91-240 days 17.185 35.0 Over 240 days 6,874 70.0 $408,900 Required 1. Prepare the journal entries to record the preceding receivable transaction during 2013 and the necessary asong entry on December 31 2019. Assume a 360 day year for interest calculations 2. Prepare the recewables portion of Blackmon December 31, 2019. balance sheet LE