On December 31, 2012, SPK Inc reported the following information on its balance sheet: Accounts Receivables $950,000 Allowance for Doubtful Accounts $54,000 (credit) During 2013, the company had the following transactions related to receivables: Credit Sales $3,450,000 Collections on Account $2,985,000 Accounts deemed uncollectible and written off $72,000 Collection on accounts previously written off $14,000 Assume instead, that bad debts are estimated to be 4% of year end receivables, the amount of Bad Debt Expense recorded for 2013. $53,700 $57,720 $52,600 $56,600 O $61,720