Exercise 5-67 (Algorithmic) Bad Debt Expense: Percentage of Credit Sales Method Bradford Plumbing had the following data for a recent year: Credit sales $547,900 Allowance for doubtful accounts, 1/1 (a credit balance) 8,740 Accounts receivable, 1/1 42,340 Collections on account receivable 489,770 Accounts receivable written off 14,250 Bradford estimates that 2.2% of credit sales will eventually default. Required: 1. Compute bad debt expense for the year (rounding to the nearest whole number). 2. Determine the ending balances in accounts receivable and allowance for doubtful accounts. Ending Balance Accounts receivable Allowance for doubtful accounts