TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 2019 1. Sales and Accounts Receivable A. The sales price of each hat was $39. All sales were on account. B. Cash collections on account amounted to $43,960. C. The company identified $250 of receivables as being uncollectible and wrote them off. D. The company follows a percentage-of-receivables approach to estimate its accounts receivable that will become uncollectible. As of the end of 2019, the company estimates that 8% of its receivables will be uncollectible. 2. Inventory A. The company began the year with 200 hats which had a cost of $10.00 each. The following purchases (all on account) were made during 20Y9: January 15 - 525 hats @ $11.00 each . March 23 - 365 hats @ 12.00 each July 2 - 430 hats @ $13.50 each October 31 - 450 hats @ $14.00 each B. Employees performed a physical count at end of 2019 and found that 480 hats remained in the warehouse. The company uses a periodic LIFO inventory system. C. The company made cash payments to inventory suppliers totaling $19,000. 3. Property, Plant and Equipment A. Below is a schedule of the store fixtures and office equipment the company had in place at the end of 20Y8. Straight-line depreciation is used for all store fixtures and office equipment. PROPERTY, PLANT & EQUIPMENT (as of December 31, 20Y8) Asset ID Historical Salvage Date # Cost Useful Life Value Acquired 1256 $18,500 6 years $500 Jan. 1, 20Y4 B. On 1876 $2,600 3 years $200 Jan. 1, January 1, 20Y7 new store 4299 $31,000 5 years $1,000 Jan. 1, fixtures 20Y8 were