Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts more than 60 days are considered old and have a 35% uncollectible rate

1.) If YOC has $107,000 of young accounts and $470,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts?

Amount to be reported?

If YOC