Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and Allowance for Doubtful Accounts had a credit balance of $40,000. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days (to be written off) Amount $300,000 100,000 80,000 40,000 20,000 15,000 Probability of Collection 0.98 0.90 0.85 0.80 0.55 0.00 x Your answer is incorrect. Try again. What is the appropriate balance for Allowance for Doubtful Accounts at end? Balance for Allowance for Doubtful Accounts -60000 LINK TO TEXT Your answer is partially correct. Try again. Show how accounts receivable would be presented on the balance sheet. MANILOW CORPORATION Balance Sheet (Partial) Accounts Receivable 555000 $ Less Allowance for Doubtful Accounts -60000 Net Accounts Receivable 495000