The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firms fiscal year on December 31, 2019: LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 2019 Past DueDays Account Balance Current 130 3160 Over 60 Adson, Paul $ 850.00 $ 850.00 Allen, Alfred 1,000.00 $ 700.00 $ 300.00 Ash, John 516.00 $ 516.00 Bae, John 260.00 260.00 Barker, Kelsie 144.00 94.00 50.00 Bentley, Maggie 560.00 220.00 250.00 90.00 Blair, Herman 116.00 74.00 42.00 (All other accts.) 47,054.00 39,576.00 5,000.00 1,536.00 942.00 Totals $ 50,500.00 $ 41,000.00 $ 6,000.00 $ 2,000.00 $ 1,500.00 Compute the estimated uncollectible accounts at the end of the year using the following rates: Current 2 % 130 days past due 4 % 3160 days past due 10 % Over 60 days past due 30 % As of December 31, 2019, there is a credit balance of $308 in Allowance for Doubtful Accounts. Compute the amount of the adjustment for uncollectible accounts expense that must be made as part of the adjusting entries. Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and Allowance for Doubtful Accounts. On May 10, 2020, the $516 account receivable of John Ash was recognized as uncollectible. Prepare a journal entry to record this transaction. On June 12, 2020, a check for $300 was received from Zeke Martin to apply to his account, which had been written off on November 8, 2019, as uncollectible. Record the reversal of the previous write-off in the general journal. The cash obtained has already been entered in the cash receipts journal. Suppose that instead of aging the accounts receivable, the company estimated the uncollectible accounts to be 2 percent of the total accounts receivable on December 31, 2019. Give the general journal entry to record the adjustment for estimated losses from uncollectible accounts. Assume that Allowance for Doubtful Accounts has a credit balance of $308 before the adjusting entry. Analyze: What impact would the change in estimation method described in instruction 6 have on the net income for fiscal 2019?