Bridgeport Corp. had record sales in 2017. It began 2017 with an Accounts Receivable balance of $570,000 and an Allowance for Doubtful Accounts of $40,000. Bridgeport recognized credit sales during the year of $8,010,000 and made monthly adjusting entries equal to 0.5% of each months credit sales to recognize bad debt expense. Also during the year, the company wrote off $42,600 of accounts that were deemed to be uncollectible, although one customer whose $4,800 account had been written off surprised management by paying the amount in full in late September. Including this surprise receipt, $7,882,200 cash was collected on account in 2017. In preparation for the audited year-end financial statements, the controller prepared the following aged listing of the receivables at December 31, 2017:

Days Account Outstanding		Amount		Probability of Collection
Less than 16 days		$324,000		97%
Between 16 and 30 days		140,000		92%
Between 31 and 45 days		96,000		80%
Between 46 and 60 days		46,000		70%
Between 61 and 75 days		24,000		50%
Over 75 days		30,000		0%
		$660,000

Accounts Receivable Reconciliation

Opening Balance: $570000

Credit sales in year: $8010000

Reinstatement of account collected: $4800

Accounts written off: $42600

Cash collected on account: $7882200

Ending balance: $660000

Allowance for Doubtful Accounts

Dec 31: Bad debt expense $53670

Allowance for doubtful accounts $53670

Please prepare a statement of financial position for Dec 31 2017