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As of January 1 , 2 0 2 4 , Farley Company had a credit balance of $ 5 2 0 , 0 0 0

As of January 1,2024, Farley Company had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During 2024, Farley wrote off $636,000 of accounts receivable. Credit sales for 2024 were $19,700,000. In its December 31,2024, balance sheet, what amount should Farley report as allowance for uncollectible accounts?

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