The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.

Dec.	3		Blue Spruce Ltd. sold goods to Swifty Corp. for $77,800, terms n/15, FOB shipping point. The inventory had cost Blue Spruce $41,400. Blue Spruces management expected a return rate of 3% based on prior experience.
	7		Shipping costs of $1,080 were paid by the appropriate company.
	8		Swifty returned unwanted merchandise to Blue Spruce. The returned merchandise has a sales price of $2,400, and a cost of $1,280. It was restored to inventory.
	11		Blue Spruce received the balance due from Swifty.

Question: Calculate the gross profit earned by Blue Spruce on the above transactions.