On December 31, 2017, Toro Companys Allowance for Doubtful Accounts had an unadjusted credit balance of $34,000. The accountant for Toro has prepared a schedule of the December 31, 2017, accounts receivable by age and, on the basis of past experience, has estimated the percentage of the receivables in each age category that will become uncollectible. This information is summarized as follows:

December 31, 2017 Accounts Receivable	Age of Accounts Receivable	Expected Percentage Uncollectible
$1,650,000	Not due (under 30 days)	1.25%
779,000	1 to 30 days past due	2.00
167,000	31 to 60 days past due	6.50
108,000	61 to 90 days past due	33.00
26,000	Over 90 days past due	68.00

Required: 1. Calculate the amount that should appear in the December 31, 2017, balance sheet as the allowance for doubtful accounts. 2. Prepare the journal entry to record bad debt expense for 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the estimate for uncollectible accounts.