At January 1, 2009, Farley Co. had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on past experience, 2 percent of Farley's credit sales have been uncollectible. During 2009, Farley wrote off $650,000 of accounts receivable. Credit sales for 2009 were $18,000,000. In its December 31, 2009 balance sheet, what amount should Farley report as allowance for uncollectible accounts? Question 7 options: 1) $230,000. 2) $360,000. 3) $590,000. 4) $880,000