On January 1 of the current year, Slaton, Inc. had the following accounts on its books: During this year, credit sales were $600,000 and cash collections for credit sales were $580,000. The following transactions occurred during the year: - Slaton wrote off L. Baxter's account, $3,400. - Slaton wrote off N. Vale's account, \$1,200. - Vale, who is in bankruptcy, paid $400 in final settlement of the account written off in transaction (2). This amount is not included in the $580,000 collections mentioned above. - On December 31, Slaton estimated the year's bad debts expense at 1% of credit sales. Required Determine bad debt expense for the year along with the year end balances of Accounts Receivable and the Allowance for Doubtful Accounts. Provide your answers in the table below