The Manda Panda Company uses the allowance method to account for bad debts. At the beginning of 2016, the allowance account had a credit balance of $82,000. Credit sales for 2016 totaled $2,990,000 and the year-end accounts receivable balance was $612,500. During this year, $79,000 in receivables were determined to be uncollectible. Manda Panda anticipates that 4% of all credit sales will ultimately become uncollectible. The fiscal year ends on December 31