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At December 31, 2019 Barber Company had a balance of $420,000 in accounts receivable and an...

At December 31, 2019 Barber Company had a balance of $420,000 in accounts receivable and an unadjusted credit balance of $3,500 in its allowance for uncollectible accounts. The company then aged its accounts as follows. Current $346,000; 1-60 days past due $48,000; 61-180 days past due $17,000; Over 180 days past due $9,000; Total accounts receivable $420,000. The company has experienced losses as follows: 2% of current balances; 5% of balances 1-60 days past due; 15% of balances 61-180 past due; and 50% of balances over 180 days past due. The company continues to base its allowance for uncollectible accounts on this aging analysis and percentages. What amount of bad debts expense does Barber Company report on its income statement for the year?

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