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