On November 1, 2001 Zamfir Company, a U. S. corporation, purchased minerals from a Russian company for 2,000,000 rubles, payable in 3 months. The relevant exchange rates between the U. S. and Russian currencies are given: Spot rate Forward rate (at February 1, 20x2) November 1, 20x1 $0.348 $0.348 December 31, 20x1 0.359 $0.352 February 1, 20x2 0.344 The company's incremental borrowing rate provides a discount rate of 0.975 for three months. Assume that on November 1, 2001 Zamfir Company enters a forward contract to buy 2,000,000 rubles on February 1, 2002. What is the fair value of the forward contract on December 31, 2001

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?