Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2011, the company collected $545,000 in fees from its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, unearned fee revenue, and accrued liabilities:

In addition, 2011 depreciation expense on furniture and fixtures is $22,000.

Required:

Determine accrual basis net income for 2011.