Bombo Plc has $12 300 000 in accounts receivable as at 31 December 2021. On the basis of past experience, the managers and accountants have determined the amount of debt that will not be collectable for particular periods for which the amounts have been owing to the organisation. The age of the various amounts owing, and estimates of their uncollectability, are as follows:

Period of time debt has been outstanding	Amount owing	Percentage of the debt that will not be collected
130 days	$8 000 000	1%
3160 days	$3 000 000	3%
6190 days	$900 000	10%
More than 90 days	$400 000	25%
	$12 300 000

You are required to calculate the estimated amount for the allowance for doubtful debts.