Geraldine is an accrual basis taxpayer who has the following transactions during the current calendar tax year: 

Accrued business income (except rent)......................................................................................$220,000 

Accrued business expenses (except rent).....................................................................................170,000 

Rental income on a building lease for the next 6 months, received on December 1...............21,000 

Prepaid rent expense for 6 months, paid on December 1.............................................................9,000

Calculate Geraldine’s net income from her business for the current year.