At december 31, 2022, monty corporation reported the following plant assets. land $ 4,683,000 buildings $26,600,000 less: accumulated depreciation—buildings 18,614,925 7,985,075 equipment 62,440,000 less: accumulated depreciation—equipment 7,805,000 54,635,000 total plant assets $67,303,075 during 2023, the following selected cash transactions occurred. apr. 1 purchased land for $3,434,200. may 1 sold equipment that cost $936,600 when purchased on january 1, 2016. the equipment was sold for $265,370. june 1 sold land for $2,497,600. the land cost $1,561,000. july 1 purchased equipment for $1,717,100. dec. 31 retired equipment that cost $1,092,700 when purchased on december 31, 2013. no salvage value was received.

Johnson company uses the allowance method to account for uncollectible accounts receivable. bad debt expense is established as a percentage of credit sales. for 2018, net credit sales totaled $6,400,000, and the estimated bad debt percentage is 1.40%. the allowance for uncollectible accounts had a credit balance of $61,000 at the beginning of 2018 and $49,500, after adjusting entries, at the end of 2018.required: 1. what is bad debt expense for 2018 as a percent of net credit sales? 2. assume johnson makes no other adjustment of bad debt expense during 2018. determine the amount of accounts receivable written off during 2018.3. if the company uses the direct write-off method, what would bad debt expense be for 2018?