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The Fallston Corporation begins operations in Year One. The company makes credit sales of $1.2...

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Accounting

The Fallston Corporation begins operations in Year One. The company makes credit sales of $1.2 million each year while collecting cash of $800,000. Every year, receivables of $30,000 are written off as being doubtful. Company officials estimate that 5 percent of ending accounts receivable will eventually prove to be uncollectible. What figures will be reported in the companys Year Two financial statements in connection with these credit sales?

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