Potter Stables uses the aging method to estimate its bad debts. Sherman Potter, the company president, has given you the following aging of accounts receivable as of December 31, 1997 along with the historical probabilities that the account balances will not be collected. Noncollection Account Age Balance Probability Current 1-45 days past due 46-90 days past due Over 90 days past due $290,000 2% 110,000 5 68,000 8 40,000 15 300 Part 3 Assets: A Closer Look required: Compute total receivables and expected bad debts as of December 31, 1997.