AA Trading reported the following accounts during the year 2020: Cash Sales - 700,000 Sales on Account - 300,000 Collections of Acc Rec - 100,000 Collections of Advances from Customers - 50,000 Cash Purchases - 400,000 Purchases on Account - 200,000 Merchandise Inventory, Dec. 31, 2020 - 100,000 Sales Expenses (80% paid) - 150,000 Cash Advances to Employees - 20,000 Bad Debts Expense - 5,000 Depreciation Expense - 10,000 Question: If AA uses accrual basis accounting, what would be its net income? Strictly show your solution