Grier & Associates maintains its records on the accrual basis. You have been engaged to convert its income statement to the cash basis. The accrual basis income statement, along with additional information, follows:

Grier & Associates

Income Statement (Accrual Basis)

For the Year Ended December 31, 2020

Sales Revenue $425,000

Expenses:

Salaries and wages $170,000

Income taxes 65,000

Insurance 40,000

Depreciation 15,000

Interest 25,000 315,000

Net income $110,000

Additional information:

Balances at 12/31

2020 2019

Accounts receivable $50,000 $30,000

Salaries and wages payable 10,000 20,000

Income taxes payable 24,000 19,000

Prepaid insurance 8,000 4,000

Accumulated depreciation 95,000 80,000

Interest payable 3,000 9,000

No plant assets were sold during 2020.

What is cash basis net income? $__________