In its statement of cash flows issued for the year ending December 31, Oxford Company reported a net cash inflow from operating activities of $123,000. The following adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income:
Depreciation $38,000
Increase in net accounts receivable 31,000
Decrease in inventory 27,000
Decrease in accounts payable 48,000
Increase in prepaid expenses 12,000
Net income is: