In 2016, Chaya Corporation, an accrual basis, calendar year taxpayer, provided service to clients and earned $48,500. The clients signed notes recievable to Chaya that have a fair market value of $41,225 at year-end. In addition, Chaya sold a 36-month service contract on June 1, 2016, and recieved payment in full of $23,280.

Round any division to two decimal places and if required round your final answer to the nearest dollar.

How much income does Chaya report from these transactions in 2016?