Haskins and Jones, Attorneys-at-Law, maintain its books on a cash basis. During 2018, the company collected $560,000 in fees from its clients and paid out $415,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred fee revenue, and accrued liabilities December 31 2018 $58,000 6,000 7,800 11,200 January 1, 2018 Accounts receivable Prepaid insurance Prepaid rent Deferred fee revenue Accrued liabilities $65,000 4,800 9,500 9,500 (for various expenses) 12,500 15,700 In addition, 2018 depreciation expense on furniture and fixtures is $23,500 Required Determine accrual basis net income for 2018