Decipher Company had Service Revenue of $1,200,000 and total expense of $925,000 for the twelve months ended 12/31/20X1. These values are before considering any adjustments resulting from the below items.

(i) On August 1, 20X1, Decipher borrowed $615,000 from the bank at a 6% rate of interest. The loan is due May 1, 20X2 with all principal and interest payable at maturity. The companys pertinent 12/31/20X1 account balances are as follows: Note Payable $615,000 Interest Expense $0 Interest Payable $0

(ii) Decipher started 20X1 with a $9,400 normal balance in its Unearned Service Revenue account. During 20X1, Decipher collected $42,000 of advance payments from customers for future services. Regarding advance payments, as of 12/31/20X1 Decipher has only $14,300 of services still owed to customers (due to prior advance payments) and anticipates performing these services in early 20X2. The companys pertinent 12/31/20X1 account balances are as follows: Unearned Service Revenue $51,400

(iii) Decipher has a daily payroll cost (ignoring payroll tax) of $6,000. Employees work Monday through Friday, and always get paid holidays. Employees are paid each Monday for the five -day workweek ending on the previous Friday and for 20X2, the first Monday payroll was on January 4th. The companys pertinent 12/31/20X1 account balances are as follows: Salaries Expense $315,000 Salaries Payable $0

(iv) Decipher uses supplies when performing services. The company started 20X1 with $22,000 of supplies on hand and during 20X1 purchased $45,000 more. At 12/31/2X1 the supplies were counted, and it was determined that $17,000 were still on hand.

The companys pertinent 12/31/20X1 account balances are as follows: Supplies $67,000 Supplies Expense $0 What is Decipher's 20X1 adjusted net income after considering the above situations?