At January 1,2023 , the credit balance of Flounder Corp.'s Allowance for Expected Credit Losses was $408,500. During 2023 , the loss on impairment entry was based on a percentage of net credit sales. Net sales for 2023 were $80 million, of which 90% were on account. Based on the information available at the time, the 2023 loss on impairment was estimated to be 0.75% of net credit sales. During 2023 , uncollectible receivables amounting to $509,500 were written off against the allowance for expected credit losses. The company has estimated that at December 31, 2023, based on a review of the aged accounts receivable, the allowance for expected credit losses would be properly measured at $534,500. Prepare a schedule calculating the balance in Flounder's Allowance for Expected Credit Losses at December 31,2023. Prepare any needed journal entry at year end to adjust the allowance for expected credit losses to the required balance. Flounder follows IFRS. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)