The following information was taken from the accounts receivable records of Concord Corporation as at December 31, 2023: Concord follows IFRS. Calculate the required balance for the allowance for expected credit losses account. Balance required in allowance for expected credit losses account $ Prepare the year-end adjusting entry for loss on impairment, assuming the Allowance for expected credit losses had a credit balance of $1,160 prior to the adjustment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Prepare the year-end adjusting entry for loss on impairment, assuming the Allowance for expected credit losses had a debit balance of $4,130 prior to the adjustment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)