Problem 3 Monarch Map Company's balance sheet at December 31, 2016, reported the following: Accounts receivable............ Less: Allowance for uncollectible accounts............. ............. $60,000 ............. 2,000 Requirements (1) How much of the receivable did Monarch expect to collect? Stated differently, what was the net realizable value of these receivables? (2) Journalize, without explanations, 2017 entries for Monarch: a. Total credit sales for 2017 were $80,000; 3% of sales were estimated to be uncollectible. Monarch received cash payments on account during 2017 of $74,300. b. Accounts receivable identified to be uncollectible totaled $2,700. c. December 31, 2017, aging of receivables indicates that $2,200 of the receivables is uncollectible (target balance). (3) Post the transactions to the Accounts receivable and the Allowance for uncollectible accounts T-accounts. Calculate and report Monarch's receivables and related allowance on the December 31, 2017 balance sheet. What is the net realizable value of receivables at December 31, 2017? How much is the uncollectible account expense for 2017? (4) What if the beginning balance in the Allowance for uncollectible accounts had instead been $200 credit? Journalize the entry or (entries) that would change. What would be the ending balance in the Allowance for uncollectible accounts after posting the entries? What would be the balance in Accounts receivable