At the start of the current year, Minuteman Corporation had a credit balance in the Allowance for Doubtful Accounts of $3,400. During the year a monthly provision of 4% of sales was made for uncollectible accounts. Sales for the year were $1,080,000, and $7,000 of accounts receivable were written off as worthless. No recoveries of accounts previously written off were made during the year. The year-end financial statements should show:
