What amount should be reported as net realizable value of accounts receivable on December 31?
Jinx Company provided the following information for the current year in relation to accounts receivable:
Accounts receivable, January 1 1,300,000
Credit sales 5,500,000
Sales return 150,000
Accounts written off 100,000
Collections from customers 5,000,000
Estimated future sales return on December 31 50,000
Estimated uncollectible accounts per aging at year-end 250,000
What amount should be reported as net realizable value of accounts receivable on December 31?
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