Larkspur Corporation operates in an industry that has a high rate of bad debts. Before any year$-$end adjustments, the balance in Larkspur's Accounts Receivable account was $$595,800$ and Allowance for Doubtful Accounts had a credit balance of $$40,550.$ The year$-$end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below.

$\backslash$table$[[$Days Account Outstanding,Amount,$\backslash$table$[[$Probability of$],[$Collection$]]],[$Less than $16$ days,$$316,300,0\mathrm{.}96],[$Between $16$ and $30$ days,$\frac{1}{7},200,0\mathrm{.}90],[$Between $31$ and $45$ days,$81,400,0\mathrm{.}85],[$Between $46$ and $60$ days,$44,800,0\mathrm{.}80],[$Between $61$ and $75$ days,$20,300,0\mathrm{.}58],[$Over $75$ days $($to be written off$),15,800,0\mathrm{.}00]]$

$($a$)$

Your answer is incorrect.

What is the appropriate balance for Allowance for Doubtful Accounts at year$-$end?

Balance for Allowance for Doubtful Accounts

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