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Question - At the beginning of 2017, Northeastern Heart Society reports gross contributions receivable of $8 million and a related allowance for bad debts of $1.6 million. Contributions pledged to Northeastern Heart Society during 2017 amounted to $130 million, of which $115 million was collected during the year. In addition, $6.7 million of the $8 million in gross pledges outstanding at January 1 were collected; the balance was written off. Northeastern records pledges at gross and provides an allowance for uncollectibles equal to 20% of pledges outstanding at year-end. Revenue of $4,600,000 was earned from programs which the Society conducted for corporate employees. What is bad debt expense for 2017?
a. $3,000,000
b. $3,300,000
c. $1,300,000
d. $2,700,000
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