At January 1, 2020, the credit balance of Culver Corporation's Allowance for Doubtful Accounts was $402.500. During 2020, the bad debt expense entry was based on a percentage of net credit sales. Net sales for 2020 were $80 million, of which 90% were on account. Based on the information available at the time, the 2020 bad debt expense was estimated to be 0.80% of net credit sales. During 2020, uncollectible receivables amounting to $505,500 were written off against the allowance for doubtful accounts. The company has estimated that at December 31, 2020, based on a review of the aged accounts receivable, the allowance for doubtful accounts would be properly measured at $521,500. (a 1) Prepare a schedule calculating the balance in Culver Corporation's Allowance for Doubtful Accounts at December 31, 2020 Balance, January 1, 2020 Bad debt expense accrual