On January 1, 2022, Cao Company had a $1,200 credit balance in the Allowance for Doubtful Accounts account. Net credit sales for the year were $400,000 and $7,400 of accounts receivable were written off as worthless during the year. No recoveries of accounts receivable previously written off were made during the year. Cao Company estimates that 2% of net credit sales for the year are uncollectible. The year-end financial statements on December 31, 2022 would show