Concord Corporation has outstanding accounts receivable totaling $6.50 million as of December 31 and sales on credit during the year of $23.3 million. There is also a credit balance of $11000 in the allowance for doubtful accounts. If the company estimates that 5% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? O $336000. $314000. O $1165000. $325000