Based on the Income statement of The Clothing Outlet Inc., provide the total Net Income for the 12-month period ending December 31, 2017.

The following account balances are available for The Clothing Outlet, Inc., a discount retailer, as of and for the year ended December 31, 2017, except for the retained earnings balance which is stated below as of January 1, 2017:

Cash...$5,500,000

Accounts receivable...$9,000,000

Marketable securities...$14,000,000

Prepaid insurance....$400,000

Inventory..$4,000,000

Equipment....$7,000,000

Accumulated depreciation: equipment.$3,000,000

Buildings.$20,700,000

Accumulated depreciation: buildings...$5,000,000

Land....$4,000,000

Investments (long-term)..$4,000,000

Patents (net)....$800,000

Accounts payable..$5,000,000

Income taxes payable$1,600,000

Salaries payable$1,000,000

Dividends payable.$2,000,000

Interest payable....$500,000

Notes payable (long-term)....$2,400,000

Bonds payable (long term)..$6,000,000

Common stock.$10,100,000

Retained Earnings (as of Jan. 1, 2017)...$8,400,000

Dividends declared$5,000,000

Sales.$108,000,000

Cost of goods sold$32,600,000

Interest revenue$2,500,000

Interest expense$1,500,000

Income tax expense(calculated @ 40%)

Selling expenses:

Sales salaries and commissions$6,000,000

Insurance expense...$1,600,000

Advertising expense........$3,500,000

Utilities expense..$4,000,000

Depreciation expense: equipment..$400,000

Delivery expense....$500,000

General and administrative expenses:

Executive and administrative salaries$5,800,000

Utilities expense...$4,200,000

Rental expense.$900,000

Depreciation expense: buildings.$500,000