In its first year of operations, 2023, Pina Colada Corp. invoiced $186,000 in service revenue. Of that amount, $17,000 was still owing from customers at the end of year. In 2023, Pina Colada incurred various operating expenses totalling $81,000, of which $83,000 was paid in cash. Salaries and wages paid to employees totalled $73,000 and $2,300 was still owing at the end of the year. In addition, Pina Colada prepaid $5,600 for insurance coverage that covered the last half of 2023 and the first half of 2024 . Pina Colada estimates it will owe $9,800 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. Net income $