The following is selected information from Sheridan Corporation for the fiscal year ending October $31,2020.$

Cash received from customers

Revenue recognized

$$296000$

$378000$

$176000$

Cash paid for expenses

Cash paid for computers on November $1,2019$ that will be used

for $3$ years $($annual depreciation is $$16200)$

$48600$

Expenses incurred, including interest, but excluding any depreciation

$216000$

Proceeds from a bank loan, part of which was used to pay for the computers

$96000$

Based on the accrual basis of accounting, what is Sheridan Corporation's net income for the year ending October $31,2020$