Ann Co. had an allowance for credit losses of $7,420 at January 1. During the year, $6,450 of accounts receivable were written off. Ann estimates that the allowance for credit losses should be 2% of accounts receivable, which were $311,000 at December 31. Credit loss expense for the year would be: $6,220. $6,450. $5,250. None of these answer choices are correct