Fairview Hospital provides us with the following information:

Services rendered to patients were values at $600,000.

Cash collections on patients' accounts totaled $540,000.

Cash disbursements for expenses were $530,000.

Expenses incurred during the period totaled $550,000.

Under the accrual basis of accounting, what was the excess of revenues over expenses (loss) for the period?

$50,000

$10,000

($10,000)

$70,000