On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $64,000 and $1,400, respectively. During the year Kincald reported $155,000 of credit sales, Kincaid wrote off $1,250 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $166,700, Kincaid estimates that it will be unable to collect one percent (1%) of credit sales The amount of uncollectible accounts expense recognized in the Year 2 income statement will be: Multiple Choice $640 $1,700 $1,550 51667