Record the adjusting entry for uncollectible accounts using the aging method (L05-5) E5-10 Mercy Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable - $70,000; Allowance for Uncollectible Accounts $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0-30 days past due 31-90 days past due More than 90 days past due Total Required: 1. Estimate the amount of uncollectible receivables. Amount Receivable $50,000 11,000 8,000 1,000 $70,000 2. Record the adjusting entry for uncollectible accounts on December 31, 2024. 3. Calculate net accounts receivable reported in the balance sheet. Estimated Percent Uncollectible 15% 20% 45% 85%