The following transactions were completed by Irvine Company during the current fiscal year ended December 31 : Feb. 8 Received 30% of the $18,900 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible: May 27 Reinstated the account of Seth Nelsen, which had been written olf in the preceding year as uncollectible. Journalized the receipt of $7,265 cash in full payment of Seth's account. Aug. 13 Wrote off the $6,410 balance owed by Kat Tracks C0., which has no assets. Oct. 31 Reinstated the account of Crawtord Co., which had been written off in the preceding year as uncollectible. Joumalized the receipt of $3,980 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., \$7,090; Bonneville Co., $5,485; Crow Distributors, $9,415; Fiber Optics, $1,190. Dec. 31 Based on an analysis of the $1,774,000 of accounts receivable, it was estimated that $35,480 will be uncolectible. Joumalized the adjusting entry. 1. Record the January 1 credit balance of $25,795 in a T-acoount for Allowance for Doubthul Accounts. 2. A. Joumalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. B. Post each entry that affects the following selected T accounts and determine the new batancos: Allowance for Doubtur Aocounts and Bad Debt Expense. 3. Determine the expected net reaizabie value of the accounts recevable as of December 31 (afier all of the acjustments and the adjusting ontry). 4. Assuming that instead of basing the provision for uncollectble accounts on an analysis of the adjusting entry on December 31 had been based on an estimated expense of 16 of 1% of the not sales of $18,660,000 for the year, detomine the following: A. Bad debt emense for the year. B. Balance in the allowance account after the adjustment of December 31 . C. Expectod net roalcabie value of the accounts roceivable as of December 31