Suppоse yоu аre аn аnalyst fоllowing Snap-on. Based on your analysis of Snap-on’s customers and industry competitors, you think that Snap-on should set its allowance for doubtful accounts to be 5% of gross accounts receivable (i.e., Allowance for Bad debt = 5% of Gross Accounts Receivable). What adjustments would you make to the following items in Snap-on’s financial statements? Please indicate the direction and magnitude of the adjustment, if any. Ignore any tax effects. Use this information for questions 18-23.