Exercise 7-20 (Algorithmic) (LO. 1)

Bob owns a collection agency. He purchases uncollected accounts receivable from other businesses at 70% of their face value and then attempts to collect these accounts. During the current year, Bob collected $84,800 on an account with a face value of $101,760.

Bob has no bad debt deduction. He has income of $_________?

I just need to know what his income would be.

Thank you!