At the end of the year,31 December 201X,the unadjusted trial balance of AngelCompany included the following accounts:DebitCreditSales (80%represent credit sales)$780.575Accounts Receivable$101.475Allowance for Impairment$1,218(a)(①)If Angel Company uses the Statement of Financial Position Approach toestimate uncollectible accounts,and aging the accounts receivable indicatesthe estimated uncollectible portion to be $6,075,what will the ImpairmentLoss of Receivable for the year be?(ii)Show the adjusting entry at year-end to record the Impairment Loss ofReceivable for the year.DebitCredits(iii)The Accounts Receivable presented in the Angel Company’s Statement ofFinancial Position at 12/31/201X would be:(b)(i)If Angel Company uses income statement approach to estimating theuncollectible accounts,and the estimated uncollectible is to be 1%of net creditsales,what is the amount of the Impairment Loss of Receivable for the year?(Round to integer)(ii)Show the adjusting entry at year-end to record the Impairment Loss ofReceivable for the year.DebitCredit(iii)The Accounts Receivable presented in the Angel Company’s Statement ofFinancial Position at 12/31/201X would be:
