Data for the year ended December 31 are presented below: Sales (credit) $2,500,000 Accounts Receivable (December 31) 640,000 Allowance for Doubtful Accounts (Before adjustment at December 31) 20,000 Estimated amount of uncollectible accounts based on aging analysis 45,000 If the company estimates its bad debts at 1% of net credit sales, what amount will be reported as bad debt expense? $25,000 $44,500 $4,500 $26,500