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Question - On the first day of Year Two, the Richmond Corporation holds accounts receivable of $400,000 and an allowance for doubtful accounts of $23,000 for a net realizable value of $377,000. During the year, credit sales were $450,000 and cash collections amounted to $380,000. In addition, $25,000 in receivables were written off as uncollectible. If 6 percent of ending accounts receivable is estimated as uncollectible, what bad debt expense is reported for Year Two on Richmond's income statement?
a. $24,700
b. $25,000
c. $28,700
d. $30,200
Which one is not correct in the context of tax accounting?
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