Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting.

Cash received from customers

Accounts receivable

Cash paid for expenses

Accounts payable $($related to expenses$)$

Prepaid rent for next period

$$51300$

$13680$

$29640$

$3420$

$7980$

$$13680$

$$21660$

$$23940$

$$31920$