On December $31,2023,$ Crane Company reported the following information in its financial statements: Prepare the journal entries to record each of the four items above. $($Credit account titles are automatically indented when amount is

entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit

entries before credit entries.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$(1)$

Accounts Receivable

Allowance for Expected Credit Losses

$(2)$

Cash

Accounts Receivable

$(3)$ Allowance for Expected Credit Losses

Accounts Receivable

$(4)$ Accounts Receivable

Allowance for Expected Credit Losses

$($To reinstate an accounts that were

previously written off$)$

Accounts Receivable

$($To record recovery of accounts

that were previously written off$)$ Enter the Accounts Receivable and the Allowance for Expected Credit Losses balances on January $1,2024.$ Then post the entries

presented in the previous part and calculate the new balances in these accounts. $($Post entries in the order of journal entries presented

in the previous part.$)$

Allowance for Expected Credit Losses

During $2024,$ the company had the following transactions related to receivables:

Sales were $$10,564,000,$ of which $$8,451,200$ were on account.

Collections of accounts receivable were $$7,297,000.$

Writeoffs of accounts receivable were $$77,000.$

Recoveries of accounts previously written off as uncollectible were $$8,600.($Note that this amount is not included in the

collections referred to in item $2$ above.$)$