Question 1 10 pts On January 1, 2019 Your Company had a $30,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During the year, Your Company provided $120,000 of service on account. The company collected $124,000 cash from account receivable. Bad debts are estimated to be 4% of sales on account. How much bad debts expense will be recognize on the 2019 income statement? $1,200. $4,960 $4,800. $5,200