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Question 14 2 pts Consider both Statements. Statement 1. Contra-Accounts can appear on both the Balance Sheet and the Income Statement. Statement 2. The account balances for Balance Sheet accounts are zeroed out at the beginning of each fiscal year. o Only Statement 1 is True O Only Statement 2 is True O Both Statements are True O Both Statements are False Question 17 2 pts (True/False). For bonds retired on their original maturity date, there will be no gain or loss recognized because the maturity value of the bond will equal the carrying value of the bond True False 2 pts D Question 31 Iron Horse Cycles had a $4,960 balance in the Allowance for Doubtful Accounts as of December 31. 2020, before the current year's provision for uncollectible accounts. An aging of the Accounts Receivable is provided above. What is the amount of bad debt expense that should be recorded for 2020? AR Balance % Uncollectible Current Accounts $205,000 2% 5% 8% 1 - 30 days past due 31-60 days past due 61- 90 days past due Over 90 days past due $95,000 $32,000 $12,000 $22,000 15% .35% Total Accounts Receivable $366,000 Problem Counts 2 Points O $3,400 $32.000 8% 31-60 days past due 61- 90 days past due Over 90 days past due 15% $12,000 $22,000 35% Total Accounts Receivable $366,000 Problem Counts 2 Points $3,400 O $14,035 O $10,635 O $17,510 O $15,950 O $12,550