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The following information is available for Oriole Company:
Allowance for doubtful accounts at December 31, 2019 $25900
Credit sales during 20201 220000
Accounts receivable deemed worthless and written off during 2020 28000
Problem 1: As a result of a review and aging of accounts receivable in early January 2021, it has been determined that an allowance for doubtful accounts of $15500 is needed at December 31, 2020. What amount should Oriole record as "bad debt expense" for the year ended December 31, 2020?
Option 1: $13400
Option 2: $15500
Option 3: $17600
Option 4: $41400
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