Haskins and Jones, Attorney-at-Law, maintain its books on a cash basis. During 2018, the company collected $545,000 in fees from its clients and paid out $412,000 in expense. You are able to determine the following information about accounts receivable, prepaid expenses, deferred fee revenue, and accrued liabilities: January 1, 2018 December 31, 2018 Accounts receivable $62,000 $55,000 Prepaid insurance 4,500 6,000 Prepaid rent 9,200 8,200 Deferred fee revenue 9,200 11,000 Accrued liabilities 12,200 15,600 In addition, 2018 depreciation expense on office equipment is $22,000. Depreciation on the companys equipment is $10,000 for the year. Required: Prepare an accrual basis net income for 2018.