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 $591,300 and Allowance for Doubtful Accounts had a credit balance of $40,920. The year-end balance reported in the balance sheet for Allowance for Doubtful Accounts will be based on the aging schedule shown below. Days Account Outstanding Less than 16 days Between 16 and 30 days Between 31 and 45 days Between 46 and 60 days Between 61 and 75 days Over 75 days (to be written off) Amount $312.600 110,600 87.800 42,600 21,900 15,800 Probability of Collection 0.97 0.90 0.86 0.82 0.57 0.00 (a) What is the appropriate balance for Allowance for Doubtful Accounts at year-end? Balance for Allowance for Doubtful Accounts $ Wiley