Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly At the end of 2015, accounts receivable were $592,000 and the allowance account had a credit balance of $56,000. Accounts receivable activity for 2016 was as follows: Beginning balance $592,000 Credit sales Collections Write-offs 2.710,000 (2,573,000) (48,000) Ending balance S 681,000 company's controller prepared the following aging summary of year-end accounts receivable: Summary Age Group Amount Percent Uncollectible 0-60 days $415,000 61-90 days 98,000 91-120 days 58,000 Over 120 days 110,000 4% 12 28 39 Total $681,000