QUESTION 2 The following information relates to a companys accounts receivable. The accounts receivable at the beginning of the year is $400,000. The allowance for uncollectible accounts at the beginning of the year is $40,000 (credit balance). Credits sales for the year $2,000,000. Accounts written off during the year amounted to $15,000. Cash collected from customers was $1,800,000. The company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. Calculate the Bad Debt expense for the year and the balance in the Allowance for Uncollectable Accounts.