Graham Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $120,000, and management estimates 3% will be uncollectible. Graham Company's balance of Allowance for Uncollectible Accounts after adjustments, was $4,400. The following year, Graham Company wrote of $2,400 of old receivables as uncollectible. What is the balance in the Allowance account now? The balance in the Allowance account is now $