Current Attempt in Progress Waterway Industries has outstanding accounts receivable totaling $6.47 million as of December 31 and sales on credit during the year of $23.2 million. There is also a credit balance of $12000 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 $311500. O $335500. $1160000