Herald company, a jacket selling company, prepares its master budget for the year 2020 on a quarterly basis. The budget officer has gathered the following data: 1. Estimated Sales for each quarter is $230,000. All sales are on credit and all sales are collected in the following quarter. 2. Cost of goods sold for each quarter is $100,000. 3. Variable selling and administrative expenses for each jacket are 10% sales commission. 4. Fixed selling and administrative (S&A) expenses for the year are: Advertising Executive salaries Insurance Depreciation Total fixed S&A expenses $60,000 $120,000 $40,000 $20,000 $240,000 5. The company expects to borrow $80,000 on April, 1. 2020. No principal will be repaid during the year, Interest rate at an annual rate of 10% is due quarterly. 6. The company will declare $3,000 dividend in December 2020, which will be paid in January 2021. How much is the net income for the year 2020? Multiple Choice Multiple Choice All of the other answers are incorrect. $188,000 $202,000 $179,000 $182,000