On January 1 Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $62,600 and $1,100, respectively. During the year Kincaid reported $148,000 of credit sales Kincaid wrote off $1150 of receivables as uncollectible in Year 2 Cash collections of receivables amounted to $154,500 Kincaid estimates that it will be unable to collect one percent (199) of credit sales The net realizable value of receivables appearing on Kincaid's Year 2 balance sheet will amount to Multiple Choice $53,470 $53,520 $56,100