As of January 1, 2021, Barley Co. had a credit balance of $521,000 in its allowance for uncollectible accounts. Based on experience, 1% of Barley's gross accounts receivable have been uncollectible. During 2021, Barley wrote off $651,000 of accounts receivable. Barley's gross accounts receivable as December 31, 2021 is $18,050,000.
In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts?
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