The following details are taken from the books of a company for the year 2020. The company uses Percentage of Receivables method to estimate its bad debts expense. Unadjusted balance of Allowance Account on December 31 OMR 3,000 Balance of Accounts Receivable Account on December 31 OMR 400,000 Bad debts is estimated to be 1% of Accounts Receivable How much is the amount of adjusted balance of Allowance Account on December 31? a. OMR 4,000 b. OMR 1,000 c. OMR 7,000 d. OMR 2,970