The following is selected information from Sheridan Company for the fiscal year ending October 31, 2025.

Cash received from customers	$126000
Revenue recognized	189000
Cash paid for expenses	71400
Cash paid for computers on November 1, 2024 that will be used for 3 years	20160
Expenses incurred including any depreciation	99960
Proceeds from a bank loan, part of which was used to pay for the computers	42000

Based on the accrual basis of accounting, what is Sheridan's net income for the year ending October 31, 2025?

$89040

$117600

$97440

$110880