11. (20 points) Corona Company has credit sales of $4.60 million for year 2014. The company estimates that 1 .42% of accounts receivable will be uncollectible. On December 31, 2014, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $13,164. Corona prepares a schedule of its December 31, 2014, accounts receivable by age. Based on past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here: December 31, 2014 Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible 1.05% $720,000 252,000 49,600 14,100 2,850 Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 1.80 6.30 31.75 66.00 Assuming the company uses the percent of accounts receivable method, a) determine the amount that should be recorded for bad debt expense on December 31, 2014 (SHOW ALL CALCULATIONS); and b) prepare the adjusting entry to update the allowance as of December 31, 2014