Concord Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $32000. During 2020, it wrote off $21900 of accounts and collected $6660 on accounts previously written off. The balance in Accounts Receivable was $580000 at 1/1 and $740000 at 12/31. At 12/31/20, Concord estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020?

$26900.

$5000.

$20240.

$37000.