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

• Sales Revenue: $600,000
• Cost of Goods Sold: $300,000
• Rent Expense: $50,000
• Utilities Expense: $18,000
• Salaries Expense: $150,000
• Depreciation Expense: $25,000

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