4) As an interim measure, Rickard Manufacturing Inc. calculates its allowance for doubtful accounts based on 3%of credit sales on a monthly basis. It then uses the balance sheet approach to estimate the required year-end allowance for doubtful accounts. The following data are available for the 11 months ending November 30, 20X5: Total sales for the 11 months ending November 30 20X5 $4,000,000 Credit sales as a percentage of total sales 80% Allowance for doubtful accounts January 1, 20X5 $60,000 CR Collection of accounts written of in prior years $9.000 Customer accounts written off as uncollectable between 35000 January 1 and November 30, 20X5 What is the balance of the allowance for doubtful accounts for Rickard as at November 30, 20X5? a) $ 96,000 b) $121,000 c) $130,000 d) $154,000