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 $353,000 for November, $323,000 for December, and $303,000 for January Collections are expected to be 80% in the month of sale and 20% in the month following the sale Help Sav 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 $25,000 Monthly depreciation is $16.600 Ignore taxes Assets Balance Sheet October 31 Cash 19,900 Accounts receivable 77,600 Inventory 158,850 Property, plant and equipment, net of $503,500 accumulated depreciation 1,005,000 Total assets $1,261,350 Liabilities and stockholders' Equity Accounts payable $273,500 Common stock 783,000 Retained earnings 204,850 Total liabilities and stockholders' equity $1,261,350 The net income for December would be