The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19, Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,715 cash in full payment of Arlene's account. Apt 3 Wrote off the $15,560 balance owed by Premier GS Co, which is bankrupt. Received 35% of the $27.900 balance owed by Hayden Co, a bankrupt business, and wrote off the remainder as July 16, uncollectible Reinstated the account of Harry Cart which had been written off two years earlier as uncollectible. Recorded the receipt of Nov. 23. $4,425 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co$11,700; Fogle Co $3,475; Lake Furniture, $8,930; Melinda Shryer, $2,525 Dec 31. Based on an analysis of the $1.377.700 of accounts receivable, it was estimated that $59,900 will be uncollectibles Journalized the adjusting entry Required: 1. Record the January 1 credit balance of $57,000 in a Taccount presented below in requirement 2b for allowance for Doubtful Account 2.0. Journalize the transaction. For a compound transaction, if an amount box does not require an entry, teave it blank. Note: For the December 31 adjusting entry, assume the $1,377,700 batanice in accounts receivable reflects the adjustments made during the year Jan. 19. reinstate Jan. 19-collection eBook Jan. 19-collection Apr. 3 July 16 Nov. 23-reinstate 111 I 1 lill 101 1 III) Nov. 23-collection Dec 31-write-off Dec 31-white-off IIIIII llll) Dec 31-adjusting 2. b. Post each entry that affects the following accounts and determine the new balances: Allowance for Doubtful Accounts Jan. 1 Balance Dec 31 Adjusted Balance Dec 31 Adjusted Balance Bad Debt Expense 3. Determine the expected net reakable 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 sales of $8,510,000 for the year, determine the following: bad debt expense for the year b. Balance in the allowance account after the adjustment of December 31 Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjust entry)