The following is selected information from Motley Corporation for the fiscal year ending October 31, 2013. Cash received from customers $300,000 350,000 180,000 Revenue earned Cash paid for expenses Cash paid for computers on Novmber 1, 2012 that will be used for 3 years (annual depreciation is $16,000) Expenses incurred, not including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers Based on the accrual basis of accounting, what is Motley Corporation's net income for the year ending October 31, 2013? 48,000 220,000 100,000