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A large corporation recently reported the following amounts on its year-end balance sheets:
2007 2008
Accounts receivable $8,400,000 $8,800,000
Allowance for doubtful accounts 96,000 106,000
A footnote to these statements indicated that the company uses a percentage of its credit sales to determine its bad debts expense, that $60,000 of uncollectible accounts had been written off during 2007 and $85,000 of uncollectible accounts had been written off in 2008, and that there had not been any recoveries of accounts written off.
Required:
Determine the amount of bad debts expense that must have been recorded by the company for 2008.
The effect of these events and transactions on 2010 income from continuing operations net of tax would be:
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