Carver 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 $365,000 for November, $335,000 for December, and $315,000 for January. Collections are expected to be 80% in the month of sale and 20% in the month following the sale. The cost of goods sold is 75% of sales. The company desires to have an ending merchandise inventory equal to 60% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $26,200. Monthly depreciation is $19,000. Ignore taxes. Balance Sheet October 31 Assets Cash $ 23,500 Accounts receivable 80,000 Inventory 164,250 Property, plant and equipment, net of $509,500 accumulated depreciation 1,017,000 Total assets $ 1,284,750 Liabilities and Stockholders Equity Accounts payable $ 279,500 Common stock 795,000 Retained earnings 210,250 Total liabilities and stockholders equity $ 1,284,750 The net income for December would be: