Treat the following parts as three independent situations. Part 1 of 3 Lynbrook Automotive, Inc. applies the allowance method to record transactions relating to their accounts receivables. On December 31, 2019, the company had a debit balance of $700,000 in Accounts Receivable and a credit balance of $20,000 in their Allowance for Doubtful Accounts. During 2020, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts. These transactions are summarized as follows: a) Provided $1,400,000 of delivery services on credit, terms n/30. b) Wrote off $17,000 of uncollectible accounts receivable. c) Received $2,000 from customers whose accounts had previously been written off. d) Received $1,750,000 cash in payment of accounts receivable. e) In adjusting the accounts on December 31, 2020, the company estimated that 3.5% of credit sales will be uncollectible. Required: 1. Prepare journal entries to record Lynbrook's summarized transactions and its year-end adjustment to record bad debt expense. (Round amounts to the nearest dollar.) 2. Determine the Net Realizable Value (NRV) reported on the Balance Sheet as of December 31, 2020