Given the data below for a firm in its first year of operation (i.e., all beginning balances are $0), determine net income under the accrual basis of accounting.

Cash recieved from customers: $48,000

Accounts Recievable: $12,000

Cash paid for expenses: $26,000

Accounts payable (related to expenses): $3,000

Prepaid rent for next period: $7,000