Wellington Corp. has outstanding accounts receivable totaling $5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of $10,000 in the allowance for doubtful accounts. If the company estimates that 1% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? What is the journal entry to record the bad debt expense? Show your work