At the start of the current year, a company's Allowance for Doubtful Accounts had a credit balance of $36,000. During the current year, it had net credit sales of $1,500,000 and it wrote-off $60,000 of accounts receivable as uncollectible. The company's accounts receivable at the end of the year is $400,000. Past experience indicates that the allowance should be 10% of the balance in receivables. What is the bad debt expense for the year? O $150,000 O $40,000 $64,000 O $100,000 $60,000