Calgary Industries is preparing a budgeted income statement for 2018. Predicted sales for the year are $705,000 and cost of goods sold is 40% of sales The expected selling expenses are $78,500 and the expected general and administrative expenses are $87,500, which includes $20,500 of depreciation. The company's income tax rate is 30%. The budgeted net income for 2018 is: Multiple Choice $423.000 $179.900 $257000 $85 200 $77100