Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on

the basis of three time periods as follows: $(1)$ not yet due, $$276,000$; $(2)$ up to $120$ days past due, $$51,000$; and $(3)$ more than $120$ days

past due, $$27,000.$ Experience has shown that for each age group, the average loss rate on the amount of the receivables at year$-$end

due to uncollectibility is $(1)3\mathrm{.}0$ percent, $(2)11$ percent, and $(3)31$ percent, respectively. At December $31,$ the end of the current year, the

Allowance for Doubtful Accounts balance is $$400($credit$)$ before the end$-$of$-$period adjusting entry is made.

Required:

Prepare the appropriate bad debt expense adjusting entry for the current year.

Show how the various accounts related to accounts receivable should be shown on the December $31,$ current year, balance

sheet.