Mark's Machine Shop maintains the accounting records of the shop on a cash basis. During 20X8, Mark collected cash of $155,992 and paid out cash of $60,414. At January 1, accrued expenses was $3,096 and prepaid expenses was $2,035. By December 31, accrued expenses was $2,024 and prepaid expenses was $2,924. Calculate the accrual based net income.