Question $22$

The following is selected information from Hoo Corporation for the fiscal year ending October $31,2022.$

Description

Cash received from customers

Revenue recognized

Cash paid for expenses

Cash paid for computers on November $1,2021$ that will be used for $3$ years

Expenses incurred including any depreciation

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

Amount

$ $300,000$

$440,000$

$170,000$

$48,000$

$216,000$

$100,000$

Based on the accrual basis of accounting, what is Hoo Corporation's net income for the year ending October $31,2022?$