In its first year of operations, Jennifer Corp. earned $$60,400$ in service revenue. Of that amount, $$10,100$ was on account and the remainder, $$50,300,$ was collected in cash from customers.

The company incurred various expenses totalling $$35,200,$ of which $$29,600$ was paid in cash. At year end, $$5,600$ was still owing on account. In addition, Jennifer prepaid $$4,100$ for insurance coverage for the last half of the first year and the first half of the second year. Jennifer expects to owe $$5,100$ of income tax when it files its corporate income tax return after year end.

Calculate the first year$$s net income under the cash basis of accounting.