McGlone Corporation had a 1/1/20 credit balance in the Allowance for Doubtful Accounts of $40,000. During 2020, it wrote off $28,000 of accounts and collected $8,400 on accounts previously written off. The balance in Accounts Receivable was $960,000 at 1/1/20 and $800,000 at 12/31/20. At 12/31/20, McGlone estimates that 5% of accounts receivable will prove to be uncollectible. What should McGlone report as its Allowance for Doubtful Accounts at 12/31/20? Select one: A. $19,200 B. $40,000 C. $48,000 D. $38,600