The post-closing trial balance of Peter Cottontail Company as of December 31, 2014, consisted of the following accounts (all with normal balances) $1,500,000 as Accounts Receivable Allowance for Doubtful Accounts Peter Cottontail, Capital 1,270,100 16,580 2,753,520 The company reported the following transactions during the year ended December 31,2015: Credit Sales Write offs of Uncollectible Receivables Cash collections on previously written off receivables Cash collections on credit sales (not included above) $5,682,000 25,000 16,000 3,980,000 REQUIRED: (a) Record beginning balances and the 2015 transactions directly into the general ledger. (b) Assume the company uses the percentage of sales allowance method to estimate uncollectible accounts as 2.5% of credit sales. Record the adjusting entry at December 31, 2015 directly into the general ledger. (c) Prepare the current asset section of the balance sheet at December 31,2015. (d) Define the Direct Write-Off Method for Uncollectible Accounts AND explain why it is generally not acceptable for financial reporting purposes