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Fife Company has the following account balances at December 31 of the current year: Accounts Receivable $42,400 and Allowance for Doubtful Accounts $1,600 (credit balance).

Fife Company has the following account balances at December 31 of the current year: Accounts Receivable $42,400 and Allowance for Doubtful Accounts $1,600 (credit balance). Fife uses the aging of accounts receivable to estimate bad debts. The following aging schedule reflects the situation at year-end:

REQUIRED: Calculate the amount of the Allowance for Doubtful Accounts and prepare the journal entry to record bad debts expense for the current year.

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