Exercise 5-68 Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year Proportion Expected to Default Accounts Allowance Receivable Age Amount Required Current 1-30 days past due 31-45 days past due 46-90 days past due 91-135 days past due Over 135 days past due $310,500 47,500 25,000 12,800 6,100 4,200 0.005 0.01 0.13 0.20 0.25 0.60 $1,553 475 3,250 2,560 1,525 2,520 $11,883 The balance in Glencoe's allowance for doubtful accounts at the beginning of the year was $58,620 (credit). During the year, accounts in the total amount of $62,400 were written off Required: 1. Determine bad debt expense