Hopkins Corporation had pretax income of $500,000 in 2031, the company's first year of operations. In 2031, one temporary difference originated for Hopkins. Specifically, Hopkins had gross profit from an installment sale to the Livingston Company of $300,000 for financial reporting (book) purposes in 2031; for income tax purposes the $300,000 of gross profit will be recognized AS THE CASH IS COLLECTED as follows: $100,000 in 2031, $100,000 in 2032 and $100,000 in 2033. The management of Hopkins expects pretax book income and taxable income in all years. All temporary differences reversed as expected. The following income tax rates were in effect as of 1-1-2031 and did not change after that time. Year 2031 2032 2033 and beyond Income Tax Rate 10% 20% 30% What would be the net income reported by Hopkins on its 2031 income statement ?