James Taylor Co. has Accounts Receivable of $200,000 at February 28, 20xx. The Allowance for Bad Debts has a $6,000 credit balance. The company has aged the receivables and discovered that $50,000 has not reached the due date, $80,000 is between one and sixty days past the due date and the final $70,000 is over 61 days past the due date. Make the correct end of period adjusting journal entry for bad debt expense assuming 3% of the not yet due receivables are bad; 8% of the between 1-60 day receivables are worthless and 20% of the receivables older than 61 days are worthless and calculate the companys net accounts receivable that will be reported on the balance sheet.