Based on past experience, Tim Co. estimates its bad debts at 2% of credit sales. Additional information is as follows: Allowance for uncollectible accounts at 1/1/2010: $200,000 Credit sales for 2010: $8,000,000 Accounts written off as uncollectible during 2010: $250,000 Accounts receivable at 12/31/2010: $1,500,000 What amount should Tim report as the ALLOWANCE for uncollectible accounts at 12/31/2010 on its balance sheet?

Group of answer choices

$360,000

$110,000

$290,000

$210,000