35 ed 1 out of Wellington Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of $16,000 in the allowance for doubtful accounts. If the company estimates that 2% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? question a $372,000 Ob,5 114,000 Oc$ 130,000 Od 5146,000