Effect of doubtful accounts on net income

During its first year of operations, Mack's Plumbing Supply Co$.$ had sales of $$6,740,000,$ wrote off $$48,600$ of accounts as uncollectible using the direct write$-$off method, and reported net income of $$712,500.$ Determine what the net income would have been if the allowance method had been used and the company estimated that $1\%$ of sales would be uncollectible.