Prepare the Journal Entry for the given information:

Re-estimate that the furniture is expected to have only a 4 year total UL , with no salvage value. 

Physical count shows 4% of all discs are missing or useless (current replacement cost is $25 if Flower Co. were to buy) 

Estimate 5% accounts receivable are uncollectible & income tax rate is 30%. Year end CS MV = $20

Answer rating: 100% (QA)

Journal Entry Debit Credit Accumulated Depreciation Furniture 20000 Allowance for Doubtful Accounts ... View the full answer