Jared Company uses the Percentage of Credit Sales approach to estimate bad debts. Assume Jared Company started the period with $26,550 in the allowance for doubtful accounts. During the period, Jared determined Al Smith, Mary Lamb, and Humpty Dumpty could not pay. Those accounts totaled $5,143. Also during the period, Jared received a payment from Jack Beanstalk of $600, an account Jared had previous written off in a prior period. At the end of the period, Jared determined 1.4 percent of his 596,672 credit sales would not be collectible. What is the amount of the bad debt expense Jared would record in his adjusting journal entry?