Problem 8-3A CHECK FIGURE: 2. Bad Debt Expense $60,205 On December 31, 2017, Toro Company's Allowance for Doubtful Accounts unadjusted credit balance of $31,000. The accountant for Toro has prepared schedule of the December 31, 2017, accounts receivable by age and, on the had an basis age category that will become uncollectible. This information is summarized as follows of past experience, has estimated the percentage of the receivables in each December 31, 2017 Age of Accounts Recelvable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due 61 to 0 days past due Over 90 days past due $1,500,000 708,000 152,000 8,000 24,000 1.25% 2.00 6.50 32.75 68.00 Required 1. Calculate the amount that should appear in the December 31, 2017, balance sheet as the allowance for doubtful accounts. Prepare the journal entry to record bad debt expense for 2017. 2