On June 2, 2015, Harry's TV Sales sold Ron a large HD TV, on account, for $12,000. Harry's TV Sales uses the accrual method. In 2016, when the balance on the account was $8,000, Ron filed for bankruptcy. Harry was notified that he could not expect to receive any of the amount owed to him. In 2017, final settlement was made and Harry received $1,000. How much bad debt loss can Harry deduct in 2017? $0 $7,000 $8,000 $12,000 None of the above