Problem 4. Cash-accrual converslon Haskins and Jones, Attorney-at-Law, maintain its books on a cash basis. During 2018, the company collected $545,000 in fees from its clients and paid out $412,000 in expense. You are able to determine the following information about accounts receivable, prepaid expenses, deferred fee revenue, and accrued liabilities: 1, 2018 $55,000 6,000 8,200 11,000 15,600 Accounts recelvableanuary i Prepaid insurance Prepaid rent Deferred fee revenue Accrued liabilities $62,000 4,500 9,200 9,200 12,200 In addition, you learn that the firm has $40,000 bank loan outstanding. It was dated September 30, 2018, with principal and interest at 6% due in one year. Depreciation on the company's equipment is $10,000 for the year Required: What is the accrual basis income before tax for 2018