ABC Family Inc. has outstanding accounts receivable totaling $650,000 as of Dec 31st and sales on credit during the year of $2,400,000. There is also a credit balance of $18,000 in the allowance for doubtful accounts. After aging its receivables, the company estimates that 5% of its total outstanding receivables will be uncollectible. What will be the amount of bad debt expense recognized for the year?