The information below was taken from the footnotes of JPMorgan Chase's 2008 annual report. The December 31,2008, balance in the allowance account was $23, 164 (dollars in millions).

REQUIRED:Compute the actual write-offs recognized by JPMorgan Chase in 2006, 2007, and 2008. Comment on JPMorgan Chase's annual estimates. Discuss the reasons underlying the 2008 amounts.

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2008 2007 2006 Allowance at Jan. 1 Provision for losses Recoveries $ 9,234 23,765 929 S 7,279 6,549 829 S7,090 3,231 842