TLC Inc. manufactures large-scale, high-performance computer systems. In a recent annual report, the balance sheet included the following information [$ in millions): 2815 2614 Current assets: Receivables, less allowances of $114 in 2615 and $182 in 2914 $ 4,17? $ 4,613 In addition, the income statement reported sales revenue of $26,716 {$ in millions} for the current year. All sales are made on a credit basis. The statement of cash flows indicates that cash collected from customers during the current year was $217373 in millions}. There were no recoveries of accounts receivable previously written off. Required: 1. Compute the following [$ in millions): a. "he amount of bad debts written off by TLC during 2015. b. "he amount of bad debt expense that TLC included in its income statement for 2015. 1:. "he approximate percentage that TLC used to estimate bad debts for 2015, assuming that it used the income statement approach. 2 Suppose that TLC had used the direct writeoff method to accourlt for bad debts. Compute the following [$ in millions): a. "he accounts receivable information that would be included in the 2015 yearend balance sheet. b. "he amount of bad debt expense that TLC would include in its 2015 income statement. 1039