As of January 1, Year 1, Farley Co. had a credit balance of $540,000 in its allowance for uncollectible accounts. Based on experience, 2% of Farley's credit sales have been uncollectible. During Year 1, Farley wrote off $640,000 of accounts receivable. Credit sales for Year 1 were $20,000,000. In its December 31, Year 1, balance sheet, what amount will Farley report as allowance for uncollectible accounts