The chief accountant for Pharoah Corporation provides you with the following list of accounts receivable written off in the current year Date Customer Amount March 31 MGM Corp $5.900 Universal Inc. 9,200 June 30 September 30 December 31 24.100 TriStar Inc Theaters Corp 16,800 Pharoah Corporation follows the policy of debiting Bad Debt Expense as accounts are written off. The chief accountant maintains that this procedure is appropriate for financial statement purposes because the Internal Revenue Service will not accept other methods for recognizing bad debts. All of Pharoah Corporation's sales are on a 60-day credit basis. Sales for the current year total $ 7,260,000 and research has determined that bad debt losses approximate 1% of sales. (b) By what amount would net income differ if bad debt expense was computed using the percentage-of-sales approach? Net income would be $ under the percentage-of-sales approach