IMPORTANT: Please include all calculations so that I can fully understand how you got the answers!

Exercise 7-6 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.20% of its annual credit sales of $979,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $490 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. EX 1 Record the estimated bad debts expense. 2 Wrote off P. Park's account as uncollectible. 3 Reinstated Park's previously written off account. 4 Record the cash received on account