Carner Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store's operations follow:

	Sales are budgeted at $370,000 for November, $360,000 for December, and $340,000 for January.
	Collections are expected to be 81% in the month of sale, and 19% in the month following the sale.
	The cost of goods sold is 72% of sales.
	The company purchases 31% of its merchandise in the month prior to the month of sale and 69% in the month of sale. Payment for merchandise is made in the month following the purchase.
	Other monthly expenses to be paid in cash are $24,000.
	Monthly depreciation is $16,900.
	Ignore taxes.

Statement of Financial Position October 31
Assets
Cash	$19,800
Accounts receivable (net of allowance for uncollectible accounts)	84,800
Inventory	82,584
Property, plant and equipment (net of $491,000 accumulated depreciation)	986,000
Total assets	$1,173,184
Liabilities and Stockholders Equity
Accounts payable	$266,400
Common stock	795,000
Retained earnings	111,784
Total liabilities and stockholders equity	$1,173,184

7.

Required information

The net income for December would be: