A proposed new investment has projected sales of $705,000. Variable costs are 37 percent of sales, and fixed costs are $210,000; depreciation is $97,000. Assume a tax rate of 24 percent. What is the projected net income? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.

A proposed new investment has projected sales of $705,000. Variable costs are 37 percent of sales, and fixed costs are $210,000; depreciation is $97,000. Assume a tax rate of 24 percent. What is the projected net income? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32