Delta Corporation is a manufacturing company. They provided you with the following information for the fiscal year ending December 31, 2023:

• Sales Revenue: $1,000,000
• Cost of Goods Sold: $500,000
• Rent Expense: $80,000
• Utilities Expense: $25,000
• Salaries Expense: $250,000
• Depreciation Expense: $40,000

Calculate Delta Corporation's Net Income and prepare an Income Statement for the fiscal year ending December 31, 2023.