Company X uses the accounts receivable ageing approach to estimate bad debt expense. Please calculate the December 31, 2018 allowance for doubtful accounts using the following information: The estimated loss rate for uncollectability for each category is as follows: Up to 30 days due 3%, Up to 31 to 60 days due 6% and Over 60 days due 10%. Before the December 31, 2018 calculations were made the allowance for doubtful accounts had a $500 Debit balance in it. The balances in the December 31, 2018 accounts receivable ageing schedule are as follows: Up to 30 days due $100,000 Up to 31 to 60 days due $40,000 Over 60 days due $20,000