For the following problem determine the amount of bad debt expense for the year and the net realizable value of receivable at the end of the year. Use the aging method. On Jan. 1, 2016 ABC Company's accounts receivable balance was $3, 600,000 and allowance for uncollectible accounts balance was $90,000. During the year, sales revenue totaled 40,000,000 of which 70% were credit sales and the remainders were cash sales. Altogether, cash collections from all customers amounted to 30,000,000. Also, write-offs of accounts deemed to be uncollectible totaled $250,000. At the end of the year, an analysis of aged accounts receivable indicated that 2% of total gross receivable may be uncollectible