In its first year of operations, 2023 , Novak Corp. invoiced $194,000 in service revenue. Of that amount, $20,000 was still owing from customers at the end of year. In 2023 , Novak incurred various operating expenses totalling $88,000, of which $80,000 was paid in cash. Salaries and wages paid to employees totalled $73,000 and $3,000 was still owing at the end of the year. In addition, Novak prepaid $5,700 for insurance coverage that covered the last half of 2023 and the first half of 2024 . Novak estimates it will owe $9,000 in income tax when it files its corporate income tax return after its 2023 year end. (a) Calculate the net income for 2023 under the accrual basis of accounting