The Allowance for Bad Debts account has a credit balance of $2,000. The company's management estimates that 3% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the amount of Bad Debts Expense reported on the income statement for 2015? Select one: O $7,500 O $6,275 O $3,075 O $5,000 O $2,875