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Kreiser Company had three intangible assets at the end of 2014 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2014, for a cash cost of $5,715 When purchased, the patent had an estimated life of 15 years. b. A trademark was registered with the federal government for $15,000. Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life c. Computer licensing rights were purchased on January 1, 2014, for $62,000. The rights are expected to have a four-year useful life to the company. Innovations Corp (IC) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During November 2014, I sold services on account for $134,000 and estimated that of one percent of those sales would be uncollectable. At its December 31 year-end, total Accounts Receivable is $121,000, aged as follows: (1) 1 to 30 days old, $91,000: (2) 31 to 90 days old, $21,200; and (3) more than 90 days old, $8,800. Experience has shown that for each age group. the average rate of uncollectability is () 1 percent, (2) 15 percent, and (3) 40 percent. respectively. Before Accounts has a $3,520 credit balance at December 31, 2014. the end-of-year adjusting entry is made, the Allowance for Doubtful Required: 1. Prepare the November 2014 adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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