$(3$ points$)$ In January, $2023,$ Littlefinger Corporation established an allowance for doubtful accounts $($i$.$e$.,$ a bad debt reserve$)$ of $$70,000$ on its financial statements and increased the allowance by an additional $$120,000$ throughout the year. As a result of a client's bankruptcy, Littlefinger Corporation decreased the allowance by $$60,000$ in November $2023.$ How is this information reported on Schedule M$-3?$ Provide references to specific Parts, Lines, and Columns from Schedule M$-3$ as well as the specifical dollar amount reported on them $($e$.$g$.,$ $$x$ should be reported on Part II$,$ Line $2,$ Column $($a$)$ of Schedule M$-3).$