At December 31 of the current year, a company reported the following: Total credit sales for the current year: $980,000 Accounts receivable balance at December 31 of the current year: $280,000. Balance of Allowance for Doubtful Accounts credit balance at December 31: $7,200. Prepare the necessary adjusting entry to record bad debt expense assuming this company's bad debts are estimated to equal 2% of credit sales