Prior to recording the December 31, 2019, year-end adjusting entries for a small business, revenues exceed expenses by $50,000. The following information was known at December 31, 2019: (1) Services amounting to $8,000 had been performed but not yet been billed or recorded. (2) An advertising campaign is scheduled to run from Jan 1 to June 30, 2020. The $6,000 costs for the campaign were paid for on November 30, 2019. (3) $7,000 of depreciation on capital assets for 2019 has not yet been recorded. (4) The company paid $6,000 of a one-year insurance policy effective starting from Dec 1, 2019. No adjustment has yet been made. Assuming the company prepares financial statements only on its fiscal year end December 31, what is its accounting income before taxes for 2019? 1) 50,500 2) 39,000 3) 45,000 4) 44,500