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At the end of 2023 , Flounder Corp, has accounts receivable of $2.55 million and an allowance for expected credit losses of $128,500. On January 16,2024 , Flounder determined that its $21,600 receivable from Pharoah Company will not be collected, and management has authorized its write-off. On January 31,2024 . Flounder received notification that the company will receive $0.10 for every $1.00 of accounts receivable relating to Cullumber Company The company had previously written off 100% of the amount due from Cullumber ($53,000). (a) Your answer is correct. Prepare the journal entry for Flounder to write-off the Pharoah receivable and any journal entry needed to reflect the notice regarding Cullumber. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Pharoah Company accounts receivable write-off: Cullumber Company reinstatement of partial accounts receivable for amounts previously written off and now determined to be collectible: What is the estimated net realizable value of Flounder's accounts receivable before and after the entries above? What is the bookvalue of Flounder's accounts receivable before and after the entries above

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