Wellington Corp. has outstanding accounts receivable at year end totaling $6,500,000 and had sales on credit during the year of $22,000,000. There is also a positive balance of $12,000 in the allowance for doubtful accounts. If the company estimates that 8% of its outstanding receivables will be uncollectible, and the company uses the percent of receivables method, what will be the amount of bad debt expense recognized for the year