The following is selected information from Monty Corporation for the fiscal year ending October 31, 2017.

Cash received from customers	$300,000
Revenue recognized	378,000
Cash paid for expenses	180,000
Cash paid for computers on November 1, 2016 (annual depreciation is $25,000)	65,000
Expenses incurred, including interest, but excluding any depreciation	240,000
Proceeds from a bank loan, part of which was used to pay for the computers	200,000

Based on the accrual basis of accounting, what is Monty Corporations net income for the year ending October 31, 2017?