A list of account balances for Nicholas Corporation follow: Revenue and Expenses January 1 inventories Purchases of raw materials $140,000 Raw materials $45,000 Direct labor $225,000 Work in process $30,000 Indirect labor $40,000 Finished Goods $105,000 Rent - factory $84,000 Depreciation - machinery $35,000 Insurance - factory $18,000 December 31 inventories Salesperson's salaries $72,000 Raw materials $40,000 Maintenance - machinery $12,000 Work in process $35,000 Administrative salaries $50,000 Finished goods $110,000 Miscellaneous - factory $26,000 Miscellaneous - office $40,000 Sales revenues $850,000 what is Nicholas Corporations's Net Income?