Charlie Cosmetic Products (CCP) uses the aging method for its accounts receivable. On January 1, 2020, the balance in the allowance for doubtful accounts was $23,000. For the year ended December 31, 2020, CCP made $1,642,000 of credit sales, wrote off $95,000 of accounts as uncollectible, recovered $6,000 on an account previously written off, and $430,000 remained outstanding at year-end. On January 1, 2020, CCP received a promissory note from a customer in exchange for a large purchase of goods from CCP. The note pays interest at 5% annually, matures on December 31, 2022, and will pay CCP $120,000 upon maturity. The market yield for this type of note is 10%. During 2020, CCP factored $210,000 of its receivables without recourse for net proceeds of $183,000. The accompanying table is the aging schedule for CCP's receivables. (Click the icon to see the table.) Required Table Days outstanding from invoice date 0-30 days 31-90 days >90 days Total Balance outstanding, December 31, 2020 Estimated default rate $ 320,000 $ 76,000 $ 34,000 $ 430,000 2% 3% 4% - X