(Solved): The following trial balance was prepared for Tile, Etc., Incorporated, on December 31, Year 1, after ...

The following trial balance was prepared for Tile, Etc., Incorporated, on December 31, Year 1, after the closing entries were posted. \table[[Account Title,Debit,Credit,],[Cash,

,,],[Accounts receivable,125,000,,],[Allowance for doubtful accounts,425,000,

,],[Inventory,,,95,000],[Accounts payable,,450,000,],[Common stock,,97,000,],[Retained earnings,

,

,]] Tile, Etc., had the following transactions in Year 2: Purchased merchandise on account for

. Sold merchandise that cost

for

on account. Sold for

cash merchandise that had cost

. Sold merchandise for

to credit card customers. The merchandise had cost

. The credit card company charges a 4 percent fee. Collected

cash from accounts receivable. Paid

cash on accounts payable. Paid

cash for selling and administrative expenses. Collected cash for the full amount due from the credit card company (see item 4). Loaned

to J. Parks. The note had an 8 percent interest rate and a one-year term to maturity. Wrote off

of accounts as uncollectible. Made the following adjusting entries: (a) Recorded uncollectible accounts expense estimated at 1 percent of sales on account. (b) Recorded seven months of accrued interest on the note at December 31, Year 2 (see item 9). Required a. Prepare general journal entries for these transactions, and post the entries to T-accounts. Also, prepare an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2. b. Compute the net realizable value of accounts receivable at December 31, Year 2. c. If Tile, Etc., used the direct write-off method, what amount of uncollectible accounts expense would it report on the income statement? Complete this question by entering your answers in the tabs below. I need the answer to A,B, and C ASAP