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The following is selected information from Sheridan Corporation for the fiscal year ending October 31,2020....

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Accounting

The following is selected information from Sheridan Corporation for the fiscal year ending October 31,2020.
Cash received from customers
Revenue recognized
$296000
378000
176000
Cash paid for expenses
Cash paid for computers on November 1,2019 that will be used
for 3 years (annual depreciation is $16200)
48600
Expenses incurred, including interest, but excluding any depreciation
216000
Proceeds from a bank loan, part of which was used to pay for the computers
96000
Based on the accrual basis of accounting, what is Sheridan Corporation's net income for the year ending October 31,2020
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