Janice Smith, a sole proprietor, reported the following transactions for the current tax year. She received $7,500 for various legal services. Janice performed legal services for ABC Corporation in exchange for ten shares of stock valued at $24,000, and she received a $200 recovery of an account receivable, which had been written off and deducted in a previous year; however, her tax liability did not change after the deduction. What is Ms. Smith's gross income to be reported on her Schedule C for this year?

a) $7,700

b) $24,000

c) $31,700

d) $31,500