Domino Company uses the aging of accounts receivable method to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $76,500 and $5,800, respectively. During the year, the company wrote off $4,640 in uncollectible accounts. In preparation for the company's Year 2 estimate, Domino prepared the following aging schedule:
Number of Days Past Due - Receivables Amount - % Likely to be Uncollectible
Current - $ 104,000 - 1%
0-30 - 45,000 - 5%
31-60 - 9,920 - 10%
61-90 - 4,440 - 25%
Over 90 - 3,800 - 50%
Total - $ - 167,160
What will Domino record as Uncollectible Accounts Expense for 2016?
a. $6,132
b. $1,512
c. $7,292
d. $4,640
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