Galaxy Industries manufactures and sells 15,000 components per year as one part of its production activities. The annual costs to manufacture the part are as follows: Direct materials $150,000 Direct labor $200,000 Variable manufacturing overhead $90,000 Fixed manufacturing overhead (common costs allocated across products) $72,000 Fixed manufacturing costs directly traceable to this component. (Rent on equipment only used to make this component. The equipment will not be rented if Galaxy purchases the component.) $48,000 Total $560,000 An outside supplier has offered to sell the component to Galaxy for $34 each. If Galaxy purchases the component instead of manufacturing it, what would be the effect on Galaxys annual net income