The Sunland Pub provides catering services to local businesses. The following information was available for The Sunland Pub for the years ended December 31, 2019 and 2020. December 31, 2019 December 31,2020 Cash $ 2,130 $ 1,690 Accounts receivable 46,200 ? Allowance for doubtful accounts 580 ? Other current assets 8,260 7,860 Current liabilities 38,900 44,300 Total credit sales 201,000 250,000 Collections on accounts receivable 190,000 228,000 Sunland management is preparing for a meeting with its bank concerning renewal of a loan and has collected the following information related to the above balances. 1. The cash reported at December 31, 2020, reflects the following items: petty cash $1,580 and postage stamps $110. The other current assets balance at December 31, 2020, includes the checking account balance of $3,740. 2. 3. 4. On November 30, 2020, Sunland agreed to accept a 6-month, $5,170 note bearing 12% interest, payable at maturity, from a major client in settlement of a $5,170 bill. The above balances do not reflect this transaction. Sunland factored some accounts receivable at the end of 2020. It transferred accounts totaling $10,000 to Final Factor, Inc. with recourse. Final Factor will receive the collections from Sunland's customers and will retain 2% of the balances. Final Factor assesses Sunland a finance charge of 3% on this transfer. The fair value of the recourse liability is $410. However, management has determined that the amount due from the factor and the fair value of the resource obligation have not been recorded, and neither are included in the balances above. Sunland charged off uncollectible accounts with balances of $1,420. On the basis of the latest available information, the 2020 provision for bad debts is estimated to be 2.5% of accounts receivable. (a) Your answer is correct. Based on the above transactions, determine the balance for (1) Accounts Receivable and (2) Allowance for Doubtful Accounts at December 31, 2020. (Round answers to O decimal places, eg. 125.) Accounts receivable ending balance $ 56780 Allowance for doubtful ending balance $ 1419 (b) (c) Your answer is partially correct. Prepare the current assets section of The Sunland Pub's balance sheet at December 31, 2020. (Round answers to O decimal places, eg. 125.) THE SUNLAND PUB Balance Sheet December 31,2020 Cash 64 Postage Stamps Other Accounts Receivable Note Receivable Due from Factor Interest Receivable Total Current Assets eTextbook and Media Save for Later 1580 110 3740 56780 5170 10000 620.40 78000.40 Assistance Used Attempts: 2 of 3 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above