Use these facts for this question and the following two questions. Patriots Corp. reported the following account balances (always assume account balances are "normal" unless a problem tells you otherwise.): Accounts Receivable, 1/1/Year3 $ 80,000 Allowance for Uncollectible accounts 1/1/Year3 $ 2,400 (normal balance for a contra-asset... aka credit) Sales on Credit, during Year3 $ 300,000 Collections on account, during Year3 $ 270,000 Write-offs of uncollectible accounts, during Year3 $ 2,800 What is the net realizable value of accounts receivable at January 1, Year3 (the beginning of the accounting period)? Hint: This is the beginning of an accounting period, which means all of the balance sheet accounts have already been adjusted as of 12/31/Year2. That should tell you if the balance in the Allowance account is a debit balance or a credit balance. This means that as it was adjusted, it would be a normal balance at this point for a contra-asset account. O a. 77,600 O b. 110,000 O C. 80,000 O d. 82,400 O e. 77,200See Patriots Corp. question setup. What is the balance in accounts receivable at 12/31/Year3 (before any adjusting entries)? Hint: There's a lot going on here, so you will probably find filling out a table like the one below is super helpful. Your answer would be the number in the cell noted . Cash Acct. Rec. Allowance R.E. Specific RE impact Beginning balance 80,000 (2,400) Sales on credit Revenue Collect on account Write-off balances Balances before adjustment O a. 377,200 O b. 107,200 O C. 27,200 O d. 110,000 O e- 80,000See Patriots Corp. question setup. What is the balance in the allowance for uncollectible accounts at 12/31/Year3 (before any adjusting entries)? Hint: Remember this is before the adjusting entries, so this means you are calculating the balance before the company would have booked the adjusting entry to recognize the Year3 allowance adjustment. Again, there's a lot going on here, so use that filled in table! Your answer would be the number in the cell noted Cash Acct. Rec. Allowance R.E. Specific RE impact Beginning balance 80,000 (2,400 Sales on credit Revenue Collect on account Write-off balances Balances before adjustment O a $400 debit (abnormal) O b. $400 credit (normal) O c. $2,400 credit (normal) O d. $2,800 debit (abnormal) O e. none of the above