John has the following transactions for the year:

Cash received from sales of products $120,000

Cash paid for expenses (except rent and interest) $35,000

Rent paid on a leased building for 18 months beginning December 1 $40,500

Prepaid interest on a bank loan, paid on November 1, for the next 6 months $12,000

Four months' rent received on a leased building, on December 1 $10,000

Instructions: Calculate John's income under the cash basis for his business. You must show your work computations to receive full credit.