View Policies Show Attempt History Current Attempt in Progress At January 1, 2023, the credit balance of Pronghorn Corp's Allowance for Expected Credit Losses was $404,000. During 2023, the loss on impairment entry was based on a percentage of net credit sales. Net sales for 2023 were $79 million, of which 89% were on account. Based on the information available at the time, the 2023 loss on impairment was estimated to be 0.75% of net credit sales. During 2023, uncollectible receivables amounting to $491,500 were written off against the allowance for expected credit losses. The company has estimated that at December 31, 2023, based on a review of the aged accounts receivable, the allowance for expected credit losses would be properly measured at $529,500. Question 5 of 6 < > Your answer is correct. 12.5/20 == Prepare a schedule calculating the balance in Pronghorn's Allowance for Expected Credit Losses at December 31, 2023. Balance, January 1, 2023 Loss on impairment accrual Uncollectible receivables written off Balance, December 31, 2023 before adjustment Allowance adjustment $ 404000 527325 931325 491500 i 439825 89675 Balance, December 31, 2023 $ 529500 eTextbook and Media List of Accounts Question 5 of 6 > 12.5/20 Your answer is partially correct. Prepare any needed journal entry at year end to adjust the allowance for expected credit losses to the required balance. Pronghorn follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Allowance for Expected Credit Losses eTextbook and Media List of Accounts Save for Later Debit Credit Assistance Used Assistance Used Attempts: 8 of 15 used Submit