Advanced Company reports the following costing data on its product line for its first year of operations. During this first year, the company produced 25,000 toasters and sold 15,000 units at a price of $50.

Production costs
Direct materials per unit	$9
Direct labor per unit	$11
Variable overhead per unit	$3
Fixed overhead for the year	$137,500
Selling and administrative costs
Variable selling and administrative cost per unit	$5
Fixed selling and administrative cost per year	$125,000

You are now preparing its income statement for the year ended March 31, 20X1 under absorption costing. What do you report for Net Income? Specify in dollars (no decimal places or cents).