Faith Company provided the following information relating to current operations:

Problem 4 Faith Company provided the following information relating to current operations: Accounts receivable, January 1 4,000,000 Accounts receivable collected 8,400,000 Cash sales 2,000,000 Inventory, January 1 4,800,000 Inventory, December 31 4,400,000 Purchases 8,000,000 Gross margin on sales 4,200,000 What is the balance of accounts receivable on December 31