Fred currently earns $11,400 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $12,400 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $108,700. Problem 5-62 Part-c-1 (Algo) c-1. Suppose that Fred's employer offers Fred a permanent overseas assignment beginning on March 1 of next year. How much U.S. gross income will Fred report next year if he accepts the permanent assignment abroad? Assume that Fred will be abroad for 305 days out of 365 days next year. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Income reported $ 55,969