At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. $615,000 Accounts receivable Less: Allowance for doubtful accounts 35,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,020,000 2. 50,000 3. Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible 2,720,000 4. 45,000 5. Recovery of bad debts previously written off as uncollectible 21,000 C) Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $50,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit