Haskins and Jones, Attorneys at law, maintain its books on a cash basis. During 2016, the company collected $545,000 in fees from its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receivable, prepaid invoices, deferred fee revenue, and accrued liabilities:

January 1, 2016 December 31, 2016

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 liabliites $12,200 $15,600

(for various expenses)

In addition, 2016 depreciation expense on furniture and fixtures is $22,000

Required:

Determine accrual basis net income for 2016