Use the information below to answer the questions that follow. Wiggins Corporation utilizes an accounting software package that is capable of producing a detailed aging of outstanding accounts receivable. Following is the aging schedule as of December 31, 2022. AGE AMOUNT OUTSTANDING 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 1,200,000 700,000 200,000 25,000 Casper Wiggins has owned and operated Wiggins Corporation for many years and has a very good sense of the probability of collection of outstanding receivables, based on an aging analysis. The following table reveals the likelihood of collection: AGE PROBABILITY OF COLLECTION 98% 90% 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 75% 50% a) AGE BALANCE ESTIMATED % UNCOLLECTIBLE ESTIMATED AMOUNT UNCOLLECTIBLE $ 3% 0 to 30 days 31 to 60 days 61 to 120 days Over 120 days 1,200,000 700,000 200,000 25,000 10% 58% 75% $ $ $ $ 36,000 70,000 116,000 18,750 240,750 Accounts Receivable Less: Allowance for Uncollectible Accounts (240,750 $ (240,750)