On March 31, 2011, Vale Co. had an unadjusted credit balance of $1,000 in its allowance for uncollectible accounts. An analysis of Vale's trade accounts receivable at that date revealed the following:
Age
Amount Estimated uncollectible
0-30 days $60,000 5%
31-60 days 4,000 10%
Over 60 days 2,000 $1,400
What amount should Vale report as allowance for uncollectible accounts in its March 31, 2011 balance sheet?