In 2016, Timmers, Inc. (a retail clothing company) sold 480,000 units of its product at an average price of $50.00 per unit. The company reported estimated returns and allowances in 2016 of 1.5 percent of gross revenue. Timmers actually purchased 510,000 units of its product from its manufacturer in 2016 at an average cost of$35.00 per unit. Timmers began 2016 with 52,000 units of its product in inventory (carried at an average cost of $35.00 per unit). Operating expenses (excluding depreciation) for Timmers, Inc. in 2016 were $1,250,000 and depreciation expense was $250,000.Timmers had $4,500,000 in debt outstanding throughout all of 2016. This debt carried an average interest rate of 8.0 percent. Finally, Timmers tax rate was 40 percent. Timmers fiscal year runs from January 1 through December 31. Given this information, compute net income for Timmers for 2016