Clampett Oil has sales on credit during the year of $15 million and outstanding accounts receivable totaling $3 million as of the last day of the calendar year. The allowance for doubtful accounts includes a debit balance of $12,000. Clampett Oil estimates that 8% of its outstanding receivables will be uncollectible. After the year-end adjustment to record bad debt expense, which of the following represents the balance in the allowance for doubtful accounts? $238,000 $240,000 $966,000 $270,000