Calgary Industries is preparing a budgeted income statement for 2018 and has accumulated the following information. Predicted sales for the year are $725,000 and cost of goods sold is 40% of sales. The expected selling expenses are $80,500 and the expected general and administrative expenses are $89,500, which includes $22,500 of depreciation. The company's income tax rate is 30%. The budgeted net income for 2018 is: