The following is selected information from Blossom Company for the fiscal year ending October 31, 2017. Cash received from customers $354000 Revenue recognized 519200 Cash paid for expenses 200600 Cash paid for computers on November 1, 2016 that will be used for 3 years Expenses incurred including any depreciation 56640 254880 computers 118000 Proceeds from a bank loan, part of which was used to pay for the 31, 2017? Based on the accrual basis of accounting, what is Blossom's net income for the year ending October $245440 $318600 $299720 $264320