Task #3 - Accounts Receivable - Direct Write-off Method: Save of Food Ine. had the following events occur in 2024 and 2025 in relation to accounts receivable, Notes: - Assume that the allowance for doubtful accounts was at balance of 50 on Dec 1, 2024 . - SOF already had made previous sales on account that were still outstanding as of Dec 1,2024 . THESE SALES HAVE ALREADY HAD THERE INITLAL ACCOUNTING RECORDED. Events: 1) On Dec 1,2024 SOF made the following sales on account: 2) Dec 28,2024 - SOF feels that there is a chance that the $400 of A/R from Joey could not be collected. This is due to the customer not being happy with the product(s) they purchased; however, they are not able to return food after 10 days. 3) Dec 31,2024 - SOF updates its allowance for doubtful accounts (if needed). 4) Jan 10,2025 - SOF is notiffed that Joey will not be paying their $400 of AR. Based upon this notification SOF decided to officially write off the $400 of A/R. 5) Jan 31,2025 - SOF updates its allowance for doubtful accounts (if needed). 6) Feb 15, 2025-SOF receives the following cheques: No other indications of not paying has been received from customers. 7) Feb 28, 2025 - SOF updates its allowance for doubtful accounts (if needed). Required: a) Journal Entries: - Journal Entries - Prepare the required journal entries for the above dates using the "Direct Write-Off" method. b) Financial Statements: - What will the NBV of the accounts receivable be on the Dec 31, 2024 statement of financial position? c) Financial Statements: - What will the NBV of the accounts receivable be on the Feb 28, 2025 statement of financial position