5 Dints Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2024, the law firm collected $560,000 for services rendered to its clients and paid out $415,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: eBook Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities Print (for various expenses) January 1, 2024 December 31, 2024 $ 65,000 4,800 $ 58,000 6,000 9,500 9,500 12,500 7,800 11,200 15,700 In addition, 2024 depreciation expense on office equipment is $23,500. Required: References Determine accrual basis net income for 2024. Add: Deduct: