Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment. Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating income $ 1,050,000 8 % $ 35,000 (credit) $ 255,000 Willie's compensation contract states that if the company generates operating income of at least $208,000, he will get a salary bonus early next year. Required: 1. Record the adjustment for uncollectible accounts using the accountant's estimate of 8% of accounts receivable. (If no entry is required for a transaction/event, select "No journal entry required in the fir account field.) View transaction list Journal entry worksheet Record the adjustment entry for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 2-a. After the adjustment is recorded in Part 1, what is the revised amount of operating income? Revised operating income 4. By how much would total assets and operating income be misstated using the 5% amount? Total assets Operating income