The following events occur for The Underwood Corporation during 2024 and 2025, its first two years of operations. June 12, 2024 Provide services to customers on account for $41,000. September 17, 2024 Receive $25,000 from customers on account. December 31, 2024 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2025 Provide services to customers on account for $56,000. May 20, 2025 Receive $10,000 from customers for services provided in 2024. July 2, 2025 Write off the remaining amounts owed from services provided in 2024. October 19, 2025 Receive $45,000 from customers for services provided in 2025. December 31, 2025 Estimate that 45% of accounts receivable at the end of the year will not be received. Required: 1. Determine the financial statement effects for each date 2. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the financial statement effects for each date. Note: Amounts to be deducted should be indicated by a minus sign. Balance Sheet Assets Liabilities Common Stock Retained Earnings Revenues June 12, 2024 $ 25,000 September 17, 2024 December 31, 2024 $ 25,000 March 4, 2025 $ 10,000 May 20, 2025 July 2, 2025 Income Statement Expenses Net Income $ 45,000 October 19, 2025 December 31, 2025 $ 25,000 < Required 1 Required 2 >