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At the end of 2011, the following information was available in the accounts of Kji...

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Accounting

At the end of 2011, the following information was available in the accounts of Kji hf. for the year 2011: - The balance on the accounting account "Trade receivables" (trade receivables) was ISK 9,200 thous. at the beginning of the year. - The balance on the accounting account "Impairment of trade receivables" was ISK 300 thous. at the beginning of the year. - Product sales for the year were all against deadlines (on invoice) and amounted to a total of ISK. 24,000 thous. - Total claims collected during the year ISK 26,000 thous. - It was considered that claims against Sla hf. in the amount of ISK 400 thous. were finally lost as the company went bankrupt. - At Kja hf. uses an allowance method to estimate losses on trade receivables. In light of the experience of previous years, it was considered appropriate to estimate a 2% loss on loan sales for the year. The question is:

1. What was the balance on the accounting account "Impairment of trade receivables" at the end of 2011? 2. What amount was charged to the income statement in 2011 as amortization of trade receivables (uncollectible billing costs)? 3. What was the estimated amount of trade receivables collected at the end of 2011 (net realizable value)?

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