As of January 1, 2018, Farley Co. had a credit balance of $524,000 in its allowance for uncollectible accounts. Based on experience, 1% of Farley's credit sales have been uncollectible. During 2018, Farley wrote off $648,000 of accounts receivable. Credit sales for 2018 were $19,800,000. In its December 31, 2018, balance sheet, what amount should Farley report as allowance for uncollectible accounts? Multiple Choice $198,000 $74,000 $322,000 $722.000