On December 31, 2017, Vale Company had an unadjusted credit balance of $1,000 in its Allowance for uncollectible accounts. An analysis of Vale's trade accounts receivable at that date revealed the following:
Age Amount Estimated Uncollectible
0-30 days................$60,000................................5%
31-60 days..................4,000.................................10
Over 60 days...............2,000.................................70
Required:
What amount should Vale report as Allowance for uncollectible accounts in its December 31, 2017, balance sheet?