Balance sheet data for Solar Petroleum as of 12/31/22 is as follows for Lease S:

Leasehold costs	$575,000
Less: Accumulated DD&A	($200,000)
Net leasehold costs	$375,000
Wells and related E&F—IDC	$2,900,000
Less: Accumulated DD&A—IDC	($1,200,000)
Net wells and related E&F—IDC	$1,700,000
Wells and related E&F—L&WE	$1,600,000
Less: Accumulated DD&A—L&WE	($230,000)
Net wells and related E&F—L&WE	$1,370,000

Solar’s activities during 2023 related to Lease S were as follows:

Exploratory dry hole drilled	$725,000
Development dry hole drilled	$780,000
Tanks, separators, etc., installed	$300,000
Production	290,000 bbl
Proved reserves, 12/31/23	2,900,000 bbl
Proved developed reserves, 12/31/23	2,600,000 bbl

Requirement:
 Calculate the Net Income for 2023.