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