Problem #7 (4 %) A/R allowance method (NOTE: This is the last of the problems, of which you can skip one) Please use the following information: Glenn Co.'s December 31st trial balance shows an accounts receivable balance of $200,000 (debit) and an Allowance for Doubtful Accounts (ADA) balance of $12,000 (debit). Those Dec 31 balances include Glenn Co. having already recorded $2,000,000 in Credit Sales, having recorded the recovery of $5,000 in previously written-off receivables, and having recorded $22,000 in write-offs. 1. If the company uses the Percent of Receivables method and estimates 8% of accounts receivable will go "bad" calculate Bad Debt Expense reported for the year. 2.If the company uses the Percent of Receivables method and estimates 8% of accounts receivable will go "bad" calculate the Net Realizable Value (NRV) of Accounts Receivable