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At January 1, 2023, the credit balance of...

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Accounting

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At January 1, 2023, the credit balance of Ayayai Corp's Allowance for Expected Credit Losses was $408,500. During 2023 , the loss on impairment entry was based on a percentage of net credit sales. Net sales for 2023 were $79 million, of which 89% were on account. Based on the information available at the time, the 2023 loss on impairment was estimated to be 0.80% of net credit sales. During 2023, uncollectible receivables amounting to $486,000 were written off against the allowance for expected credit losses. The company has estimated that at December 31,2023 , based on a review of the aged accounts receivable, the allowance for expected credit losses would be properly measured at $534,500. Prepare a schedule calculating the balance in Ayayai's Allowance for Expected Credit Losses at December 31,2023

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