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At the end of 2014, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a prepare-off of $6,200. On March 4, 2015, Carpenter Co. receives payment of $6,200 in full from Megan Gray.

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