Pharoah Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Pharoah's Accounts Receivable account was $593,500 and Allowance for Doubtful Accounts had a credit balance of $40,290. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Amount Probability of Collection 0.97 Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days $316,600 110,600 0.90 85,800 0.87 Between 46 and 60 days 44,800 0.82 Between 61 and 75 days 20,900 0.54 Over 75 days (to be written off) 14,800 0.00 What is the appropriate balance for Allowance for Doubtful Accounts at year end? Balance for Allowance for Doubtful Accounts 54069 cTextbook and Media Save for later Attempts: 1 of 3 used Submit Anwar Show how accounts receivable would be presented on the balance sheet. PHAROAH CORPORATION Balance Sheet (Partial) $