Toronto Company had the following transactions during 2017:

Service revenue earned of $560,000 (25% collected in cash; the rest was on account)

Collected $7,000 for services to be performed in 2018

Paid $139,000 cash in salaries for work done during 2017 (Toronto still owes an additional $7,000 for hours worked the last week of December 2017 to be paid in January 2018)

Paid $4,000 in December for January 2018 rent.

What is Torontos 2017 net operating income using accrual-basis accounting?