The following is selected information from L Corporation for the fiscal year ending October 31, 2014. Cash received from customers $300,000 Revenue earned 390,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000 Expenses incurred including any depreciation 216,000 Proceeds from a bank loan, part of which was used to pay for the computers 100,000

Based on the accrual basis of accounting, what is L Corporations net income for the year ending October 31, 2014? $204,000 $174,000 $158,000 $220,000