As of January 1, 2021, Farley Co. had a credit balance of $522,000 in its allowance for uncollectible accounts. Based on experience, 1% of Farley's credit sales have been uncollectible. During 2021, Farley wrote off $650,000 of accounts receivable. Credit sales for 2021 were $19,400,000. In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts?

Multiple Choice

• $322,000.

• $716,000.

• $66,000.

• $194,000.