Calgary Industries is preparing a budgeted income statement. Predicted sales for the year are $720,000 and cost of goods sold is 40% of sales. The expected solling expenses are $80,000 and the expected general and odministrative expenses are $89,000, which includes $22,000 of depreciation. The company's income tax rate is 30%. Budgeted net income is: Multiple Choice $85,500 $432000 $78,900 $184+00 $263.000