P6-6 Determining Bad Debt Expense Based on AgIng Analysis and Interpreting Ratlos LO6.4 IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30 , 2020: Apri1 10: Received an order fron Peter's Appliances, a wholesaler, for 28 nachines. April 30: Sold 42 machines to Yuri Inc. on credit. May 1: The purchasing manager of Peter"s Appliances visited Icekrene's factory and purchased 30 nachines on credit, instead of the 28 machines that were previously ordered. May 5: Yuri Inc. paid for the nachines purchased on Apri1 30. May 7: Sold 15 machines to Cheng Ltd. on credit. May 10: Wrote off $12,689 of accounts recelvable that were considered uncollectible. These receivables relate to sales nade prior to Apri1 1,2029. May 15: Peter's Appliances returned three defective machines and paid the amount due. June 1: Received $189,689 fron Cheng Ltd. on account. June 30: Recovered $3,309 from the recelvables that were written off on May 10. Additional Information is as follows: - IceKreme sold all machines at $15,000 per unit. - All of lceKreme's sales were on credit with terms 3/10,n/30. - IceKreme's records Included the following items and their balances as at March 31, 2020: Required: 1. Prepare the Journal entrles to record the transactions that occurred from Aprll 1 to June 30, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. The company uses the aging of accounts receivable method to determine the amount of bad debt expense. The estimated uncollectlble rates for the varlous age groups are as follows: (Hint: Use a timeline to keep track of accounts recelvable in order to determine the age of these recelvables.) a. Determine the amount of recelvables that may not be collectible in the future as on June 30,2020. Answer is complete but not entirely correct. b. Prepare the joumal entry to record bad debt expense at June 30, 2020, the company's fiscal year-end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. IceKreme's net accounts recelvable were $180,000 at June 30,2019 . Calculate IceKreme's average collectlon period for fiscal year 2020. (Use 365 days a year. Round intermedlate calculations to 2 decimal places. Round the final answer to 1 decimal place.) Answer is complete but not entirely correct