Sheridan Company has outstanding accounts receivable totaling $6.57 million as of December 31 and sales on credit during the year of $22.4 million. There is also a credit balance of $11000 in the allowance for doubtful accounts. If the company estimates that 7% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? $448900. $470900. $1568000. $459900.