During the month of January, Wright & Thompson, an accounting firm, had the following transactions:

Billed $421,271 in revenues on credit

Received $163,271 from customers accounts receivable

Incurred expenses of $255,200 but only paid $91,271 cash for these expenses

Prepaid $36,896 for computer service to be used next month

Required: What was the companys accrual basis net income for the month? (Show calculations)