Your answer is partially correct. Show how the accounts receivable section of the statement of financial position at December 31, 2020, would be presented. Majestic Equipment Sales Company, which sells only on account, had a \\( \\$ 124,000 \\) balance in its Accounts Receivable and a \\( \\$ 5,400 \\) credit balance in its Allowance for Doubtful Accounts on December 31,2019. During 2020, the company's sales of equipment were \\( \\$ 836,000 \\) and its total cash collections from customers were \\( \\$ 800,000 \\), During the year, the company concluded that customers with accounts totalling \\( \\$ 6,200 \\) would be unable to pay, and wrote these receivables off. However, one of these customers subsequently made a payment of \\( \\$ 850 \\). (Note that this amount is not included in the cash collections noted above) At the end of 2020, management decided that it would use an estimate for bad debts of \1 of its credit sales. Your answer is incorrect. What amount of bad debts expense would appear in the statement of income for the year ended December 31,2020