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At December 31 of the current year, a company reported the following: Total credit sales for the current year: $1,250,000 Accounts receivable balance at December 31 of the current year: $480,000. Balance of Allowance for Doubtful Accounts credit balance at December 31: $18,200. Prepare the necessary adjusting entry to record bad debt expense assuming this company's bad debts are estimated to equal 5% of accounts receivable. 7 A B I - II. E