Problem 7-12 Accounts and notes receivable; discounting a note receivable; receivables turnover ratio [LO7-5, 7-6, 7-7, 7-8,7-9] Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet 4 points Current assets: Accounts receivable, net of $29,000 in allowance for uncollectible acco $243,000 8,600 310,000 unts eBook Interest receivable Notes receivable Reference Additional Information 1. The notes receivable account consists of two notes, a $70,000 note and a $240,000 note. The $70,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $240,000 note is dated June 30, 2018, with principal and 6% interest payable on June 30, 2019 2. During 2019, sales revenue totaled $1,390,000, $1,305,000 cash was collected from customers, and $27,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable 3. On March 31, 2019, the $240,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. Chamberlain accounts for the discounting as a sale Required 1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2019 income statement? 2. & 3. What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019 Complete this question by entering your answers in the tabs below. Req 2 and 3 Req 1 Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2019 income statement? Revenue Expense Req1 Req 2 and 3 Complete this question by entering your answers in the tabs below. Req 2 and 3 Req 1 What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019. (Round your "Receivable turnover ratio answerto te receivables answer to 1 decimal place.) Show lessA 2Accounts receivable, net Receivable turnover ratio 3. times Req 2 and 3