As of January 1, 2021, Chelsea Co. had a balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Chelsea's credit sales have been uncollectible. During 2021, Chelsea wrote off $650,000 of accounts receivable. Credit sales for 2021 were $18,000,000. In its December 31, 2021 balance sheet, what amount should Chelsea report as allowance for uncollectible accounts?
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