Liang company began operations in year 1. during its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. these transactions are summarized as follows. year 1 sold $1,345,600 of merchandise (that had cost $975,400) on credit, terms n/30. wrote off $18,200 of uncollectible accounts receivable. received $673,400 cash in payment of accounts receivable. in adjusting the accounts on december 31, the company estimated that 2.40% of accounts receivable would be uncollectible. year 2 sold $1,557,300 of merchandise (that had cost $1,285,000) on credit, terms n/30. wrote off $32,400 of uncollectible accounts receivable. received $1,387,100 cash in payment of accounts receivable. in adjusting the accounts on december 31, the company estimated that 2.40% of accounts receivable would be uncollectible. prepare journal entries to record liang’s 2014 summarized transactions and its year-end adjustments to record bad debts expense.