WAX-D purchased equipment for $60,000 cash, expecting it to remain in service for six ment is depreciated using the straight-line method with $2,000 estimated residual value. On 2) On January 1, 2016, April 30, 20 of the equipment on April 30, 2018. (Do not round your intermediate calculations) 18, the equipment was sold for $48,000 cash. Record depreciation expense for 2018 and the sale overdue account receivable. Interest revenue was accrued through December 31, 2017. Zircon receives the maturity value of the note at maturity. Prepare the journal entry to record 3) On October 1, 2017, Zircon Jewelry Company accepted a 4-month i 0% note for $2.400 in settlement of an the collection. 4) The following information is from the 2017 records of Albert Book Shop: $47000 (debit) Accounts receivable, December 31, 2017 Allowance for Bad Debts, December 31, 2017 90 (debt 1,900 (debit) 180,000 Net credit sales for 2017 Accounts written off as uncollectible during 2017 Cash sales during 2017 17,000 28,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $5,500 of accounts receivable will be uncollectible. Calculate the amount of bad debts expense for 2017