A company has provided the following information prior to any year-end bad debt adjustment: • Cash sales, $150,000 • Credit sales, $450,000 Selling and administrative expenses, $110,000 Sales returns and allowances, $30,000 . Gross profit, $490,000 • Accounts receivable, $110,000 . Sales discounts, $14,000 . Allowance for doubtful accounts credit balance, $1,200 The company prepares an aging of accounts receivable and the result shows that 5% of accounts receivable is estimated to be uncollectible is bad debt expense?