As of January 1, 2016, Farley Co. had a credit balance of $536,000 in its allowance for uncollectible accounts. Based on experience, 3% of Farley's credit sales have been uncollectible. During 2016, Farley wrote off $649,000 of accounts receivable. Credit sales for 2016 were $20,000,000. In its December 31, 2016, balance sheet, what amount should Farley report as allowance for uncollectible accounts? $600,000. $487,000. $713,000. $1,136,000.