Marine Corp. has outstanding accounts receivable totaling $6.5 million as of December 31. There is also a credit balance of $12,000 in the allowance for doubtful accounts. If the company estimates that 6% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? Select one! a $1,200,000 b. $390,000 C. $378,000 d. $402,000