Calgary Industries is preparing a budgeted income statement for 2018 and has accumulated the following information. Predicted sales for the year are $730,000 and cost of goods sold is 40% of sales. The expected selling expenses are $80,000 and the expected general and administrative expenses are $90,000, which includes $23,000 of depreciation. The company's income tax rate is 35%. The budgeted net income for 2018 is: Select one: $267,000 $84,700. O $186,900. $174,200 $438,000 O $80,100