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

Feb. 8	Received 40% of the $18,200 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 $7,400 cash in full payment of Seths account.
Aug. 13	Wrote off the $6,465 balance owed by Kat Tracks Co., 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 $3,830 cash in full payment of the account.
Dec. 31	Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,190; Bonneville Co., $5,510; Crow Distributors, $9,410; Fiber Optics, $1,205.
Dec. 31	Based on an analysis of the $1,820,500 of accounts receivable, it was estimated that $36,410 will be uncollectible. Journalized the adjusting entry.

Record the January 1 credit balance of $25,415 in a T-account for Allowance for Doubtful Accounts.

Allowance for Doubtful Accounts

Feb. 8 ____10920_________ Jan. 1 Balance _____25415______

Aug. 13 _______6465______ May 27 ________7400______

Dec. 31 _______23315______ Oct. 31 ______3830________

Dec. 31 Unadjusted Balance ___________________ Dec. 31 Adjusting Entry _____________

Dec. 31 Adj. Balance _______________

Bad Debt Expense

Dec. 31 Adjusting Entry ______________________

Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).

$_________________

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 $18,350,000 for the year, determine the following:

A. Bad debt expense for the year. $_________________

B. Balance in the allowance account after the adjustment of December 31. $_______________

C. Expected net realizable value of the accounts receivable as of December 31. $_______________