Question 1: (5Marks) (C1, C2) Presented below is certain information pertaining to Edson Company. Assets, January 1 Assets, December 31 Liabilities, January 1 Share capital, December 31 Retained earnings, December 31 Ordinary shares sold during the year Dividends declared during the year 240,000 230,000 160,000 80,000 31,000 10,000 13,000 Compute the net income for the year. Instructions (a) Prepare the entry for estimated bad debts assuming that doul to be 6% of gross accounts receivable. (b) Assume that all the information above is the same, exces English (United States) SAMSUNG OOOOR C{ V } B