On December 31, 2017, a business completed the first year of operations. The following data are available from the company's accounting records:

Services to customers $265,000

Collections from customers 185,000

Interest earned and received on savings accounts 1,100

Amount paid on January 1 for one and one-half years' rent 18,000

Utility bill owed: to be paid next month 1,350

Wages paid to employees 71,000

Wages owed to employees at year-end 3,500

Interest due at 12/31 on a loan to be paid the middle of next year 950

Requirement:

What is the net income or (loss) for the year in terms of accrual basis accounting?