E2-19 Cash versus accrual accounting LO2-9 Haskins and Jones, Attoreys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $545,000 for services rendered to its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: January 1, 2021 December 31, 2021 Accounts receivable $62.000 $55,000 Prepaid Insurance 4,500 6,000 Prepaid rent 9.200 8,200 Deferred service revenue 9,200 11,000 Accrued liabilities 12,200 15,600 (for various expenses) In addition, 2021 depreciation expense on office equipment is $22,000. Required: Determine accrual basis net income for 2021