QUESTION 4 Gravenhurst, Inc. provided the following aging of its receivables at December 31. Age of Accounts 0-30 days 31 to 60 days 61 to 90 days 91 to 120 days Over 121 days Total Receivables Balance $420,000 200,000 75,000 35,000 15,000 $745,000 Estimated % Uncollectible 0.5% 5.2% 10.3% 21.5% 75.2% During the year, $22,500 of receivables were written off. The balance at the beginning of the year in the allowance account was a credit of $25,000. How much will Gravenhurst report as bad debt expense for the year