Keele Corporation uses the aging$-$of$-$receivables method to estimate uncollectible accounts. The statement of financial position shows that total receivables amount to $5,000,000,$ and management estimates $300,000$ will be uncollectible. Allowance for uncollectible accounts prior to adjustment have a credit balance of $16,000.$

Arter all necessary adjusting entries are made, the balance in the allowance for uncollectible accounts reported in the statement of financial position will be