Nieto Co. elects to use the percentage-of-sales basis in 2008 to record bad debts expense. It estimates that 2% of net credit sales will become uncollectible. Sales are \($800,000\) for 2008, sales returns and allowances are \($45,000,\) and the allowance for doubtful accounts has a credit balance of \($9,000.\) Prepare the adjusting entry to record bad debts expense in 2008.