Manchester Company provide the following accounts abstracted from the unadjusted trial balance at year-end.

Problem 7 Manchester Company provide the following accounts abstracted from the unadjusted trial balance at year-end: Debit Credit Accounts Receivable 5,000,000 Allowance for doubtful acounts 40,000 Net credit sales 200,000 The entity estimated that 3% of the gross accounts receivable will become uncollectible. What amount should be recognized as doubtful accounts expense for the current year