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On January 1, 2019 Your Company had a $14,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During the year, Your Company provided $125,000 of service on account. The company collected $124,000 cash from account receivable. Bad debts are estimated to be 2% of sales on account. How much bad debts expense will be recognize on the 2019 income statement? 52,500 52,480. 300 280