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 Aug. 13 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. Wrote off the $6,350 balance owed by Kat Tracks Co., which has no assets. 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. Oct. 31 Dec 31 Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,105; Bonneville Co., 85,435, Crow Distributors, 89,390: Fiber Optics, $1,075 Based on an analysis of the $1,796,000 of accounts receivable, it was estimated that $35,920 will be uncollectible. Journalized the adjusting entry. Dec. 31 1. Record the January 1 credit balance of $26,080 in a T-account for Allowance for Doubtful 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 balances: Allowance for Doubtful Accounts and Bad Debt Expense 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $18,260,000 for the year, determine the following: A. Bad dat expense for the year. The following selected accounts and their current balances appear in the ledger of Fernandez Co. at the end of its fiscal year. 2,850,000 $250,000 Retained Earnings Cash Accounts Receivable 1,197,000 Dividends Inventory 1,790,000 Sales Estimated Returns Inventory 23,500 Cost of Goods Sold Office Supplies 14,000 Sales Salaries Expense Prepald Insurance 8,500 Advertising Expense Office Equipment 870,000 Depreciation Expense-Store Equipment Accumulated Depreciation Office Equipment 580,000 Miscellaneous Selling Expense Store Equipment 2,600,000 Office Salaries Expense Accumulated Depreciation Store Equipment 820,000 Rent Expense Accounts Payable 336,000 Depreciation Expense-Office Equipment Customer Refunds Payable 39,000 Insurance Expense Salarles Payable 43,000 Office Supplies Expense Notes Payable (long-term) 200,000 Miscellaneous Administrative Expense Common Stock 600,000 Interest Expense Prepare a balance sheet for Fernandez Co, assuming the current portion of the notes payable is $30,000. Fernandez Co. Balance Sheet December 31 50,000 9,350,000 5,840,000 820,000 350,000 120,000 58,000 550,000 104,000 60,000 50,000 26,000 12,000 25,000 Assets Current assets