A company financed the sale of equipment and recorded a note receivable for the sale. The accountant inappropriately recorded the sale at the coupon rate instead of market rate and fair value.

Cash received	$80,000
Notes receivable	339,000
Sales price	$419,000
Tax rate	30%
Estimated tax payment	$23,000

Note information:

Term of the note	4 years
Coupon rate	1.5%
Market rate	7.7%

The note is due in equal annual payments of principle and interest.

Incorrect income statement, for the year ended December 31

Sales	$739,000
Expenses	591,000
Interest revenue	5,085
Pretax income	153,085
Tax expense	45,926
Net income	107,159

What is the correct net income for 20X1?

Note: Using the corrected sales and correct interest revenue, solve for net income with the given tax rate.