A corporation reports the following for the current year: i. Sales on account totaled $150,000 ii. Cash collected from customers totaled $120,000 iii. Wages paid to employees totaled $100,000 iv. Wage expense incurred totaled $110,000 V. Prepaid $5,000 for rent that will be incurred next year What is the corporation's net income for the current year using accrual-basis accounting