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statement of financial position

Pharoah Equipment Sales Company, which sells only on account, had a $129,000 balance in its Accounts Receivable and a $5,900 balance in its Allowance for Expected Credit Losses on December 31,2023. During 2024, the company's sales of equipment were $827,000, and its total cash collections from customers were $785,000. During year, the company identified customers with accounts totalling $7,900 that would be unable to pay and wrote these receivables off. However, one of these customers subsequently made a payment of $900. (Note that this amount is not included in the cash collections noted above.) At the end of 2024 , management grouped its receivables based on credit risk and estimated the expected rate of credit losses for each group. Based on this, management determined that the total expected credit losses would be $7,170. Accounts Receivable Sales Revenue (To record sales) Cash 785,000 Accounts Receivable \begin{tabular}{|r|} \hline 785,000 \\ \hline \end{tabular} (To record cash collected from customers) Allowance for Expected Credit Losses Accounts Recelvable (To write off accounts recelvable) Accounts Receivable 9900 Allowance for Expected Credit Losses (To reinstate an account that were previously written off) Cash 900 Accounts Recelvable 900 (To record recovery of account that were previously written off) CreditLosses: 7,170 Allowance for Expected Credit Losses 7,170 Show how the accounts receivable section of the statement of financial position at December 31,2024 , would be presented

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