Colby Corporation has provided the following information:

Operating revenues from customers were $199,700; $20,000 has yet to be collected; also, $45,000 was collected from customers as deposits for future services.

Operating expenses for the store were $111,000 of which $5,000 has not yet been paid for.

Interest expense was $9,200.

Gain from sale of plant and equipment was $3,300.

And a Gain on the sale of investments was $1,500.

Dividend payments to Colby's stockholders were $7,700, when $9,000 was declared during the year.

Income tax expense was $36,000.

Prepaid rent was $5,000.

What is the amount of Colby's income before income taxes?

Correct Answer: $84300