The following is selected information from J Corporation for the fiscal year ending October 31, 2008.
Cash received from customers $300,000
Revenue earned 350,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2007 that will be used
for 3 years (annual depreciation is $16,000) 48,000
Expenses incurred, not including any depreciation 200,000
Proceeds from a bank loan, part of which was used to pay for the computers 100,000
Based on the accrual basis of accounting, what is J Corporation's net income for the year ending October 31, 2008?