Wilcox Mills is a manufacturer that makes all sales on $30-$day credit terms. Annual sales are approximately $$30$ million. At the end of year $1,$ accounts receivable were presented in the company's statement of financial position as follows.Accounts receivable from clientsLess. Allowance for Impairment accounts$3,100,00080,000$During year $2,$ $$160,000$ of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $$17,000$ were subsequently collected. At the end of year $2,$ an aging of accounts receivable indicated a need for a $$223,000$ allowance to cover possible failure to collect the accounts currently outstanding.Wilcox Mills makes adjusting entries for uncollectible accounts only at year$-$end.Required:a$.$ Prepare the following general journal entries. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)1.$ One entry to summarize all accounts written off against the Allowance for Impairment Accounts during year $2\mathrm{.}2.$ Entries to record the $$17,000$ in accounts receivable that were subsequently collected$\mathrm{.}3.$ The adjusting entry required at December $31,$ year $2,$ to increase the Allowance for Impairment Accounts tob. Notice that the Allowance for Impairment Accounts was only $$80,000$ at the end of year $1,$ but uncollectible accounts during year $2$ totaled $$150,000($$$165,000$ less the $$15,000$ reinstated$).$ Do these relationships appear reasonable, or was the Allowance for Impairment Accounts greatly understated at the end of year $1?$ Explain.