The following Information applies to the questions displayed below. Frankel Inc. experienced the following transactions for 2014, Its first year of operations 1. Issued common stock for $110,000 cash. 2. Purchased $200,000 of merchandise on account. 3. Sold merchandise that cost $156,000 for $310,000 on account. 4. Collected $274,000 cash from accounts recelvable 5. Paid $180,000 on accounts payable 6. Pald $56,000 of salarles expense for the year 7. Pald other operating expenses of $72,000 8. Frankel adjusted the accounts using the following Information from an accounts recelvable aging schedule Number of Days Allowance Balance Percent Likely to Past Due Current 0-30 31-60 61-90 Over 90 days Amount Be Uncollectible $21,600 9,000 1,800 1,800 1,800 01 05 10 .20 50