Problem 8-2A (Part Level Submission) At December 31, 2016, Sage Hill Inc. Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $642,200 39,090 During 2017, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,978,400 90,880 2,596,400 42,080 14,860