Substantive Test Assume that you are now performing substantive tests on receivables and you want to perform account receivable confirmations. The client's recorded book value is $6,375,000 made up of 2,120 customers. You have established a tolerable misstatement of $300,000 for accounts receivable. You have selected 250 accounts worth a total of $685,000 to confirm and after sending out the confirmations, four are returned showing the following overstatements. Assume that the remaining receivables were confirmed with no exceptions. Beishline Trading Singh Enterprises Luong Co McClain Bros. Juarez Manufacturing Book Value 25,800 23,300 25,250 6,725 47,150 Audit value 18,250 19,700 20,650 4,250 43,400 2a. What is the sample misstatement? 2b. What is the projected misstatement using the ratio estimation method? 2.c What do you conclude about the fairness of the accounts receivable account? 2d. Using the difference estimation method, calculate your projected misstatement 2e. What do you conclude about the fairness of the accounts receivable account