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At the beginning of the year, Fling Flang Corp showed the following balances on their books:Accounts Receivable $$132,000($debit balance$)$Allowance for Doubtful Accounts $$8,250($credit balance$)$During the year, credit sales totaled $$1,173,000$ and the company collected $$1,175,000$ this year fromreceivables already in the Accounts Receivable at the start of the year and from new credit sales thisyear.There were also the following transactions:$2/17$ Wrote off R$.$ Foo$$s account of $$3,750\mathrm{.}5/28$ Wrote off F$.$ Roo$$s account of $$2,400\mathrm{.}10/13$ Received $$600$ from F$.$ Roo, who is in bankruptcy proceedings, in final settlement of the accountwritten off in $5/28.$ The $$600$ is NOT included in the $$1,175,000$ collections$\mathrm{.}12/15$ Wrote off G$.$ Heeby$$s account of $$2,500\mathrm{.}12/31$ Recorded the bad debt expense for the year, calculated at $1\mathrm{.}6\%$ of credit sales for the year.INSTRUCTIONS:$1.$ Prepare T accounts for A$/$R and the Allowance and put in the beginning of the year balances forboth$\mathrm{.}2.$ Write out the journal entries for the total credit sales and total collections on account, as well as allthe other transactions. Post each entry into the two T accounts whenever affected by the journalentries$\mathrm{.}3.$ What is the net realizable value of the accounts receivable at the end of the year? Show yourcalculation.