Ultron Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the following were the account balances of Ultron Corporation: Debits Credits Cash 75750 Allowance for Doubtful Accounts 4500 Accounts Receivable 30000 Accumulated Depreciation (Van) 60000 Inventory (750 units) Van 142500 Accumulated Depreciation (Furniture & Fixtures) 7500 67500 Accounts Payable 18750 Furniture & Fixtures 22500 Common Shares 30000 Retained Earnings Total Debits 338250 Total Credits 217500 338250 During May 2022, the following transactions took place: May 1: Bought 150 desktop printers for $300 each on account. May 1: Bought a van, paying $12000 cash as a down payment and signed a 10 month $45000, 9% note payable for the balance. The company paid $750 to have its company logo painted on the side of the van. The residual value is $12000. The old van was sold for $10500; it cost $67500 and acculumated depreciation up to the date of disposal was $60000. May 10: Sold 210 printers to Mysterio Inc. on account. May 12: S.H.E.I.L.D Corporation agreed to sign a 90-day note receivable to replace a $3450 accounts receivable due that day. The interest rate on the note is 10.5% May 20: Sold 5 printers to Scarlet Witch Inc. using a VISA card to pay for the transaction. A 6.75% service fee is charged by VISA. May 22: Sold 142.5 printers to T'Challa Public School on account. May 24: Returned for credit 5 damaged printers from Mysterio Inc., costing $285 each. May 28: Received payment in full from Mysterio Inc. for the balance owing. May 28: Wrote off as uncollectable $4950 of accounts receivable. May 29: Paid accounts payable, $15750. May 30: Recovered an accounts receivable that was written off in April, $1125. May 31: Paid operating expenses totalling $68250. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 7 years. The furniture & fixtures are depreciated using the straight-line method over 6 years. There is no residual value on the furniture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable. May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding Accounts Receivable Estinated Percentage Uncollectable 6% 0-30 days 31-60 days 61-90 days $40500 $19500 $6000 1.5% 90+ days $1575 18% 37.5% Other Information: 1) The selling price for each of the printers is $675. 2) Ultron Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Ultron Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Retums, Sales Revenue. Not all accounts have been used each period.