Miguel operates a plumbing business and uses the accrual method of accounting for tax reporting.

This tax year, Miguel received payment of $$50,337$ for services provided last tax year.

Miguel provided services this year for which he billed $$207,672.$ Of the $$207,672,$ Miguel was paid $$175,196,$ and the remaining amount will not be collected until next tax year.

In addition, this year Miguel received a prepayment of $$5,503$ for services to be rendered next tax year.

For tax purposes, what amount of income does Miguel report in the current tax year if Miguel elects to defer prepaid income to the maximum extent possible?