The following transactions were completed by Irvine Company during the current fiscal year ended Decamber 31 . Feb 8 Received 35% of the $18,600 batance owed by DeCoy Co0, a bankrupt business, and wrote off the remainder as uncollect ble May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncolectible Journalzed the receipt of $7,445 cash in full payment of Seth's account Aug 13 Wrote off the $6,375 balance owed by Kat Tracks Co, which has no assets Oct 31 Reinstated the account of Cranford Co0, which had been written off in the preceding year as uncollectible. Journaked the receipt of $3,840 cash in full payment of the account Dec 31 Wrote oft the following accounts as uncollectible (compound entry) Newbauer Co0,57,240, Bonneville Co, $5,575, Crow Distributors, 59,355 ; Fiber Optics, $1,035 Dec 31 Based on an analysis of the $1,768,000 of accounts recevable, it was estimated that $35,360 wir be Instructions Aug. 13 Wote off the $6,375 balance owed by Kat Tracks Co, Which has no assets Oct 31 Reinstated the account of Crawford CO, which had been written off in the preceding year as uncollectible. Journalized the receipt of 53,840 cash in full payment of the account. Dec 31 Wrote off the following accounts as uncollectible (compound entry) Newbaver C0,$7,240, Bonneville Co, $5,575; Crow Distributors, $9,355, Fiber Optics, $1,035 Dec 31 Based on an analysis of the $1,768,000 of accounts receivable, if was estimated that $35,360 will be uncolectible. Joumalied the adjusting entry. Required: 1. Record the January 1 credt batance of $26,195 in a Faccount for AWowance for Doubtful Accounts 2. a Jouratre the transactions b. Abst auch entry that affects the following selected T.accounts and determine the new balances: Allowance for Doubtrul Accounts and Required: 1. Pocord the January t credt balance or $26,195 in a T-account for Allowance for Doubthi Accounts. 2. a. Journalize the transactions. b. Fast esch entry that affects the following selected T-accounts and defermine the new balances: Allowance for Doublful Accounts and ald Dect Expense 4. Astuming that instead or basing the provision for uncollectiole accounts on an analysis of cocewables, the adfusting entry on December 31 had been bused on an estimated expense or r of 1% or the sales or $18,380,000 for the year, determine the following a fesc chbc exense for the year b. Balance in the allowance account affer the adustment of December 31 . c. Expeciod net realizable value of the accounts recemable as or December 31. 2b. Past evch enty that affects the following solected T-accounts and determine the new balances: Allowance for Doublful Accounts and 2a. soumaleve the transactions. Dused on an eatimated expense of $ of 1$ or the sabs of $10,300,000 for the year, defermine the following 4. Bas dett ereense for the year b Eatance in the alowance account after the advistment of December 31 . c. Estoded net reabzatie value of the accounts recivable as of December 31