Sheridan Company provides for doubtful accounts based on 5.0% of credit sales. The following data are available for 2020: Credit sales during 2020 Allowance for doubtful accounts 1/1/20 Collection of accounts written off in prior years (customer credit was re-established) Customer accounts written off as uncollectible during 2020 $3,040,000 Allowance for doubtful accounts 12/31/20 $ 37,400 15,600 35,300 What is the balance in Allowance for Doubtful Accounts at December 31, 2020?