Globex has outstanding accounts receivable totaling $6.5 million as of December 31, and sales on credit during the year of $24 million. There is also a credit balance of $12,000 in the allowance for doubtful accounts. Globex estimates that 8% of the outstanding receivables will be uncollectible. How much bad debt expense will be recognized for the year?

$ 530,000

$ 524,400

$ 508,000

$1,301,000