During the first year of operations, Master Plumbing Supply Co. had a net sales of $3,500,000, wrote off $50,000 of accounts as uncollectible using the direct write-off method, and reported net income of $390,500. Determine what the net income would have beenif the allowance method had been used, and the company estimated that 1 and 3/4% of net sales would be uncollectible.