GREY Company determined that net realizable value of its accounts receivable at December 31, 2020 based on an aging of accounts receivable was 4,050,000. Additional information is as follows:

Allowance for uncollectible accounts 01/01/20 500,000

Uncollectible accounts written-off during 2020 400,000

Uncollectible accounts recovered during 2020 100,000

Charges to Uncollectible Accounts expense before adjustment 350,000

Required allowance based on outstanding balance of accounts receivable 10%