Leach Inc. experienced the following events for the first two years of its operations: Year 1:

1. Issued $10,000 of common stock for cash.
2. Provided $70,000 of services on account.
3. Provided $35,000 of services and received cash.
4. Collected $35,000 cash from accounts receivable.
5. Paid $14,000 of salaries expense for the year.
6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

Year 2:

1. Wrote off an uncollectible account for $2,630.
2. Provided $90,000 of services on account.
3. Provided $20,000 of services and collected cash.
4. Collected $72,000 cash from accounts receivable.
5. Paid $20,000 of salaries expense for the year.
6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

c. What is the net realizable value of the accounts receivable at December 31, Year 1?