Working Backward: Allowance for Doubtful Accounts Olson Corp. reported the following in the Current Assets section of its December 31, 2016, balance sheet: 12/31/16 12/31/15 Accounts receivable, net of allowances of $4,880 and $3,060, respectively $54,390 $49,350 During 2016, Olson recorded $79,090 of sales on credit and wrote off $3,990 of uncollectible accounts. Required: 1. Determine the amount of cash collected during 2016 from sales on credit. 2. Determine the amount of bad debts expense for 2016.