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dos Fife Co. has the following account balances at December 31 of the current year: Accounts Receivable $42,400 and Allowance for Doubtful Accounts $1,600, credit balance. Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year-end: Schedule of accounts receivable Customer name Total Not yet due 1 -30 days 31 -60 days 61 -90 days Over $0 days past due past due past due past due Co. AUS $11,000 5,000 3,000 2,000 1,000 Co. BEL 5,300 1,000 2,000 1,000 800 500 Co. CHE 13,100 8,000 3.000 2,000 100 Co. DUT 4,000 3,000 1,000 Co. EST 9.000 9,000 Totals 42.400 26.000 9.000 5.000 1.900 500 Percent uncollectible 2% 5% 10% 25% 40% Estimated uncollectible accounts Required a. Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, current year balance sheet. b. Prepare the journal entry to record bad debts expense for the current year