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At December 31, 2011, Grayson Company reported Accounts Receivable of 34,000 and Allowance for Doubtful Accounts of 3,500.

At December 31, 2011, Grayson Company reported Accounts Receivable of €34,000 and Allowance for Doubtful Accounts of €3,500. On January 7, 2012, Duffy Enterprises declares bankruptcy and it is determined that the receivable of €1,200 from Duffy is not collectible.

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