Suppose that XYZ company uses the aging method (balance sheet approach) of estimating uncollectible accounts. The credit department has prepared for you the following accounts receivable aging schedule, which includes the estimated percentages of each aging bucket that they think will be uncollectible.

Status	Estimated % Uncollectible	Balance at Dec. 31, 2019
Not yet due	1.0%	$600,000
< 30 days past due	2.0%	$50,000
31 - 60 days past due	5.0%	$20,000
> 60 days past due	60.0%	$5,000

Prepare the journal entry you need to make to record the bad debt expense for 2019 (8 pts). (Show your work if you want full credits)