Business, 09.10.2019 19:00 rafamoreura

During the year, grace, inc., has total sales of $800,000. based on total sales, the corporation estimates that its bad debts for the year are 2 percent of sales. as a result, the corporation deducts $16,000 in bad debts for financial accounting purposes. at the end of the year, the controller reviews the accounts receivable led-ger to identify uncollectible accounts. she determines that $3,900 in accounts re-ceivable cannot be collected. in addition, the accountant’s analysis shows that the corporation has recovered $1,400 in accounts receivable written off as a bad debt for tax purposes in the previous year. how should this information be reported for tax purposes

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During the year, grace, inc., has total sales of $800,000. based on total sales, the corporation est...