Sabrina Inc. reported credit sales of $700,000 and cash sales of $100,000. The ending balance in accounts receivable is $1,500,000. Bad debt expense is estimated at 1% of credit sales. The allowance for doubtful accounts had a normal balance of $40,000 at the beginning of the year. What was the bad debt expense for the year?

	$15,000
	$47,000
	$7,000
	$8,000