Bears, Inc. uses the allowance method to account for uncollectible accounts. It currently has a $1,270,100 debit balance in its accounts receivables and has an unadjusted debit balance of $16,580 in its Allowance for Doubtful Accounts account. Additionally, Bears estimates that approximately 4% of its receivables will be uncollectible. Prepare the adjusting entry for bad debts for Dec. 31 based upon this information (Must show computations). Show how the Accounts Receivable and Allowance for Doubtful Accounts appear on the Dec. 31 balance sheet.