Jenning Corp. (JC) is a public company with a December 31 year-end. The following account balances were reported by JC on January 1, 2020: Accounts Receivable Allowance for Doubtful Accounts $1,240,250 19,220 CR Sales during 2020 were $8,100,000 of which 60% were on credit. Sales returns were $146,000. Cash collections during the year, excluding recoveries of accounts that had been previously written off, were $5,416,000. Early in 2020, JC wrote off $12,500 in accounts receivables During 2020, JC wrote off $62,500 in accounts receivables but was able to recover and collect half of this amount before year-end. The debtor has stated that no further payments can be made. The company's credit and collection manager has estimated that 6% of the total of all amounts owed to JC at year-end would be uncollectible. Required: (Show all supporting calculations for part marks.) Calculate the bad debt expense for the year and record the appropriate journal entry