Mills Corporation's balance sheet included the following information: Accounts Receivable Less: Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance $ 600,000 75,000 $ 525,000 If the Allowance account had a credit balance of $32,500 immediately before the year-end adjustment for bad debts and no accounts were writ allowed for during the year, what was the amount of Bad Debt Expense recognized during the year? Multiple Choice $42,500 $75,000 $32,500 $37,500