On December 31, 2014, The Bates Company's revenues total $380,000 and expenses total $250,000 before consideration of the following:

Accrued wages total $18,000;

Accrued revenues total $50,000;

Depreciation expense is $24,000;

Rental revenue of $7,000 was earned; the rent from a tenant was initially recorded by Bates as unearned rent revenue;

The income tax rate is 40% of income before income taxes.

What is Bates' net income after consideration of the above information?