During the first year of operation, Year 1, McGinnis Appliance recognized $322,000 of service revenue on account. At the end of Year 1, the accounts receivable balance was $63,297. Even though this is his first year in business, the owner believes he will collect all but about 7 percent of the ending balance. Required What amount of cash was collected by McGinnis during Year 1? Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis record as uncollectible accounts expense in Year 1? What is the net realizable value of receivables at the end of Year 1? Use a horizontal financial statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. More specifically, record the amounts of the events into the model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA), or financing activities (FA). for A a. What amount of cash was collected by McGinnis during Year 1?b. Assuming the use of an allowance system to account for uncollectible accounts, what amount should McGinnis record as uncollectible accounts expense in Year 1? Note: Round your final answer to nearest whole dollar amount.c. What is the net realizable value of receivables at the end of Year 1? Note: Do not round intermediate calculations and round your final answer to nearest whole dollar amount.