At the end of 2021, Concord Corporation has accounts receivable of $704,700 and an allowance for doubtful accounts of $26,850. 1. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,384. 2. On March 4, 2022, Concord Corporation receives payment of $4,384 in full from Madonna Inc.