Question: Question 2 (5 marks) MH Corp. (MHC) estimates its allowance for doubtful accounts using the balance sheet approach. The following information is available for MHC's

Question 2 (5 marks) MH Corp. (MHC) estimates its allowance for doubtful accounts using the balance sheet approach. The following information is available for MHC's year ended December 31, 2019: Allowance for doubtful accounts Allowance for doubtful accounts, December 31, 2018 (credit) Accounts written off during 2019 Account recoveries during 2019 $157,500 175,000 3,500 Accounts receivable 0-30 days (98% expected recovery) 31-60 days (85% expected recovery) 61-90 days (60% expected recovery) 91+ days (30% expected recovery) Accounts receivable balance, December 31, 2019 $ 653,000 340,000 145,000 67,000 $1.205,000 Required: Calculate MHC's bad debt expense for the year ended December 31, 2019

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