At December 31, 2021, Concord Co. reported the following information on its balance sheet. Accounts receivable $959,700 Less: Allowance for doubtful accounts 78,800 During 2022, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable $3,715,300 49,700 2,801,100 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of accounts previously written off as uncollectible 89,800 28,000