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 Corporation