During its first year of operations, Mack's Plumbing Supply Co. had sales of $470,000, wrote off $7,500 of accounts as uncollectible using the direct write-off method, and reported net income of $51,700. Determine what the net income would have been if the allowance method had been used, and the company estimated that 2% of sales would be uncollectible. $ fill in the blank 1