David purchased a deli shop on February 1S of last vear and began to operate it as a sole proprietorship. David reports his personal taxes using the cash method over a calendar year, and he wants to use the cash method and fiscal ear for his sole proprietorship. He has summarized his receipts and expenses through January 31 of this year as follows February through December last year January this vear Receipts $ 112,000 10,400 Expenses $ 84,500 6.200 What income should David report from his sole proprietorship?

\begin{tabular}{|c|c|c|} \hline tetruary through Deknober last & Peceipts & Expecoses \\ \hline \begin{tabular}{l} Januaryithis yean \\ . \end{tabular} & 5112,000 & s 84,500 \\ \hline & 10,400 & 0,700 \\ \hline \end{tabular}