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 2023, accounts receivable were $602,000 and the allowance account had a credit balance of $66,000. Accounts receivable activity for 2024 was as follows: Beginning balance Credit sales Collections Write-offs Ending balance $ 602,000 2,760,000 (2,623,000) (53,000) $686,000 The company's controller prepared the following aging summary of year-end accounts receivable: Summary Percent Age Group Amount Uncollectibl e 0-60 days $440,000 5% 61-90 days 70,000 11 91-120 days 63,000 22 Over 120 days 113,000 37 Total $ 686,000