The following is selected information from Sheridan Company for the fiscal year ending October 31, 2020. Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on November 1, 2019 that will be used for 3 years Expenses incurred including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers $126000 189000 71400 20160 99960 42000 Based on the accrual basis of accounting, what is Sheridan's net income for the year ending October 31, 2020? $89040 O $97440 O $117600 O $110880