Calgary Industries is preparing a budgeted income statement for 2018 and has accumulated the following information. Predicted sales for the year are $695,000 and cost of goods sold is 40% of sales. The expected selling expenses are S77500 and the expected general and administrative expenses are $86,500, which includes $19,500 of depreciation. The company's income tax rate is 30%. The budgeted net income for 2018 is: Multiple Choice 417000 $177100 $253,000 $85.000