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The following is selected information from Monty Corporation for the fiscal year ending October 31, 2017....

The following is selected information from Monty Corporation for the fiscal year ending October 31, 2017.   

Cash received from customers $300,000
Revenue recognized 378,000
Cash paid for expenses     180,000

Cash paid for computers on November 1, 2016 (annual depreciation is $25,000)   

 65,000

Expenses incurred, including interest, but excluding any depreciation   

 240,000

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

 200,000

Based on the accrual basis of accounting, what is Monty Corporation’s net income for the year ending October 31, 2017?

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