E) Teddington Inc. has a December 31" year-end and uses the aging method to estimate bad debt expense. The following table provides the detail for the aging of the December 31, 2015 balance in the Trade Receivable account of $1,330,000 and the expected rates of bad debt expense. The opening credit balance in the Allowance for Doubtful Accounts at January 1. 2015 is $35,000 and there have been write-offs during the year in the amount of $37,000. Required: Determine the amount of bad debt expense for the 2015 year and prepare the journal entry to record 2015 bad debt expense. Amount Estimated Bad Debt Rate Estimated Bad Debt Amount Not yet due $1,000,000 1% Past due up to 30 days $216,000 5% Past due 31-90 days $62,000 10% Past due > 90 days $52,000 25% Total $1,330,000