At December 31, 2021, Sandhill Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $518,000 38,500 During 2022, the company had the following transactions related to receivables. 1. 2. 3. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,350,000 55,000 2,050,000 45,000 14,000 4. 5. 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