Richardson Orthodontist Practice specializes in correcting misaligned teeth. During 2023, Richardson provided services on account1 of $590,000. Of this amount, $80,000 remains receivable at the end of the year. An aging schedule as of December 31, 2023, is provided below. Assume that Richardson Orthodontist Practice estimates its annual bad debt expense as 2% of the credit sales for the year (or using the percentage of credit sales method). Calculate the bad debt expense for the year ending December 31, 2023 and prepare the relevant adjusting entry. Assume there is a credit balance of $5,000 in the allowance for uncollectible account