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1-Suppose a bank has an allowance for loan losses of $500,000 at the beginning of the year, charges current income for a $450,000 provision for

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1-Suppose a bank has an allowance for loan losses of $500,000 at the beginning of the year, charges current income for a $450,000 provision for loan losses, charges off worthless loans of $335,000, and recovers $275,000 on loans previously charged off. What will be the balance in the allowance? (3 pts)

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