Sheridan Company has outstanding accounts receivable totaling $6.25 million as of December 31 and sales on credit during the year of $23.8 million. There is also a debit balance of $11500 in the allowance for doubtful accounts. If the company estimates that 7% of its outstanding receivables will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense? O $426000. O $449000. $1666000. O $437500