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On March 31, Vale Co. had an unadjusted credit balance of $1,000 in its allowance for uncollectible accounts. An analysis of Vale’s trade accounts receivable at that date revealed the following:
Estimated Age.......... Amount.............. Estimated
....................................................... Uncollectible 0-30 days.............. $60,000................ 5%
31-60 days ..............4,000 .................10%
Over 60 days............ 2,000 .................70%
What amount should Vale report as allowance for uncollectible accounts in its March 31 balance sheet?