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Xtive Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Xtive's Accounts Receivable was $885,000 and Allowance for Doubtful Accounts had a credit balance of $40,000. The year-end balance reported in the statement of financial position for Allowance for Doubtful Accounts will be based on the following aging schedule. Days Account Outstanding Amount Probability of Collection Less than 16 days $450,000 0.97 16-30 days 200,000 0.90 31-45 days 100,000 0.88 46-60 days 80,000 0.80 40,000 0.55 61-75 days Over 75 days 15,000 0.00 Required: 1. What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Give your analysis of the result! 2. Show how accounts receivable would be presented on the statement of financial position and give your interpretation! 3. What is the dollar effect of the year-end bad debt adjustment on the before-tax income? Please explain