Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2024, the law firm collected $580,000 for services rendered to its clients and paid out $419,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities (for various expenses) January 1, 2024 December 31, 2024 $ 69,000 5,200 9,900 9,900 12,900 $ 58,000 6,800 8,500 12,000 16,500 In addition, 2024 depreciation expense on office equipment is $25,500. Required: Determine accrual basis net income for 2024. Cash basis income Add: Increase in prepaid insurance Deduct: $ 0