The following transactions were completed by Irvine Company during the current fiscal year ended December $31$:

Feb. $8$ Received $35\%$ of the $$18,100$ 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 off in the preceding year as uncollectible. Journalized the receipt of $$7,300$ cash in full payment of Seth's account.

Aug. $13$ Wrote off the $$6,350$ balance owed by Kat Tracks $C_0,$ which has no assets.

Oct. $31$ Reinstated the account of Crawford Co$.,$ which had been written off in the preceding year as uncollectible. Journalized the receipt of $$3,865$ cash in full payment of the account.

Dec. $31$ Wrote off the following accounts as uncollectible $($compound entry$)$: Newbauer Co$.,$ $$7,105$; Bonneville Co$.,$ $$5,435$; Crow Distributors, $$9,390$; Fiber Optics, $$1,075.$

Dec. $31$ Based on an analysis of the $$1,796,000$ of accounts receivable, it was estimated that $$55,920$ will be uncollectible. Journalized the adjusting entry.

Required:

Record the January $1$ credit balance of $$26,080$ in a T$-$account for Allowance for Doubtful Accounts.

a$.$ Journalize the transactions.

b$.$ Post each entry that affects the following selected T$-$accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense.

Determine the expected net realizable value of the accounts receivable as of December $31.$

Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December $31$ had