The following information was taken from the accounts receivable records of Culver Corporation as at December 31, 2023: Outstanding Balance Percentage Estimated to be Uncollectible 0-30 days outstanding $160,000 0.5% 31-60 days outstanding 63,600 2.5% 61-90 days outstanding 40,900 4.0% 91-120 days outstanding 20,400 6.5% Over 120 days outstanding 4,500 10.0% Culver follows IFRS. Calculate the required balance for the allowance for expected credit losses account. Calculate the required balance for the allowance for expected credit losses account. Balance required in allowance for expected credit losses account $ eTextbook and Media List of Accounts Prepare the year-end adjusting entry for loss on impairment, assuming the Allowance for expected credit losses had a credit balance of 51.130 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 O for the amounts. List all debit entries before credit entries) Account Titles and Explanation Debit Credit Prepare the year-end adjusting entry for loss on impairment, assuming the Allowance for expected credit losses had a debit balance of $4,010 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 O for the amounts. List all debit entries before credit entries) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit