Exercise 5-65 (Algorithmic) Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Year Credit Sales 2015 $898,000 2016 2017 952,000 1,083,000 2018 1,189,000 Losses from Uncollectible Accounts* $10,625 14,840 16,790 16,850 *Losses from uncollectible accounts are the actual losses related to sales of that year (rather than write-offs of that year). Required: 1. Calculate the average percentage of losses from uncollectible accounts for 2015 through 2018. Enter your answer as percentage, rounded to one decimal place (e.g- 0248563 to 2.5%). 2. Assume that the credit sales for 2019 are $1,180,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of losses from uncollectible accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. Round your answer to the nearest dollar.