Illustrate the effects of each of the following on the accounts and the financial statements: (1) The adjustment at December 31, the end of the fiscal year, to provide for doubtful accounts. The accounts receivable account has a balance of $700,000, and the contra asset account before adjustment has a balance of $1,000. Analysis of the receivables indicates doubtful accounts of $21,000. (2) In March of the following fiscal year, the $750 owed by Saks Co. on account is written off as uncollectible. (3) Eight months later $50 of the Saks Co. account is reinstated and payment of that amount is received. (4) In October $300 is received on the $500 owned by Cox Co., and the remainder is written off as uncollectible. (b) Based on the data in (a) (1) above, what is the net realizable value of the accounts receivable as reported on the balance sheet as of December 31?