The following information is related to beginning of the year balances. Accounts receivable, $700,000 Allowance for doubtful accounts (credit balance), $60,000 During the current year, sales on account were $195,000 and collections from customer were $115,000. Also during the current year, the company wrote off $11,000 in uncollectible accounts. At year-end, the company's credit manager estimates that $72,000 of the outstanding accounts receivable will prove uncollectible. Bad debt expense for the current year is: $72,000 $12,000 $23,000 $34,000 $1,000