Exercise 5-65 (Algorithmic) Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porle Company prepared the following data for sales and losses from uncollectible accounts: Losses from Year Credit Sales Uncollectible Accounts 2015 $875,000 $12,625 2016 952,000 14,840 2017 1,083,000 16,790 2018 1,189.000 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 le 9. .0248563 to 2.5%). 3.98 X9 2. Assume that the credit sales for 2019 are $1,092000 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 5,071.59 X