The following transactions were completed by Irvine Company during the current fiscal year ended

December 31

The following transactions were completed by lrvine Company during the current fiscal year ended December 31: Feb. 8 Received 45% of the $18.700 balance owed by DeCoy Co. a bankrupt business, and wrote oes the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been writien off in the preceding year as uncollectible. Joumalized the receipt of $7,270 cash in full payment of Seth's account. Aug. 13 Wrote ofl the $6,360 balance owed by Kat Tracks Co., which has no assets. Oct. 31. Reinstated the account of Crawlord Co4 which had been written oft in the preceding year as uncollectible. Joumalized the receipt of $3,975 cash in full payment of the account. Dec. 31 Wrote of the following accounts as uncollectible (compound entry): Newbauer Co., \$7,265; Bonnevile Co., \$5,595; Crow Distribulors, \$9,305; Fiber Optics, $1,150 Dec. 31 Based on an analyeis of the $1,759,500 of accounts receivable, it was estimated that $35,190 will be uncollectible. Joumalized the adjusting entry. Required: 1. Record the January 1 credi balance of $25,685 in a T-account for Allowance for Doubtul Accounts. 2. a. Joumalize the transactions. b. Post oach entry that aflects the following seiocted T.accounts and dedermine the new bahances: Alowance for Doubtful Accounts and Bad Dobt Expense. 3. Determine the expected net realizable vave of the accounts teceivable as of December 31. 4. Assuming that instead of basing the provision for ancollectible accounts on an analysis at the adjusting entry on December 31 had been based on an estimated expense of N of 1% of the sales of 517,710,000 for the yoar, detormine the following: a. Bad dobt exponse for the year. b. Balance in the allowance account after the acjustment of December 31 . c. Expected net realizable value of the accounts receivable as of December 31