As of January 1, 2018, Farley Co. had a credit balance of $534,000 in its allowance for uncollectible accounts. Based on experience, 3% of Farley's credit sales have been uncollectible. During 2018, Farley wrote off $642,000 of accounts receivable. Credit sales for 2018 were $19,500,000.
1. In its December 31, 2018, balance sheet, what amount will Farley report as allowance for uncollectible accounts