Novak Trading is a merchandising wholesaler that sells to corner stores in the community. Lately, because of the economic conditions, some of Novak customers have been experiencing financial difficulties and so Novak has to pay a great deal of attention to the collection of accounts receivable. Before any year-end adjustments, the balance in Novak Accounts Receivable account was $606,000 and the Allowance for Doubtful Accounts had a credit balance of $32,000. The company uses an aging schedule to determine the total estimated uncollectible amounts at its year end, December 31:

Days Account Outstanding		Amount		Probability of collection
Less than 16 days		$322,000		98%
Between 16 and 30 days		115,000		90%
Between 31 and 45 days		80,000		80%
Between 46 and 60 days		40,000		70%
Between 61 and 75 days		27,000		50%
Over 75 days		22,000		10%
Total		$606,000

Calculate the balance in the Allowance for Doubtful Accounts based on the aging schedule.

Days Account Outstanding		Amount		Probability of collection		Estimated percentage uncollectible			Estimated Uncollectible accounts
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				%		%
Total		$							$