Calgary Industries is preparing a budgeted income statement. Predicted sales for the year are $695,000 and cost of goods sold is 40% of sales. The expected selling expenses are $77,500 and the expected general and administrative expenses are $86,500, which includes $19,500 of depreciation. The company's income tax rate is 30% Budgeted net income is Multiple Choice $75.900 $177300 $417,000 $85,000 $253.000