Industry manufactures and sells 15,000 components per year as one part of its production activities. The annual costs to manufacture the part are as follows:

Direct materials$150,000

Direct labor$200,000

Variable manufacturing overhead$90,000

Fixed manufacturing overhead (allocated)$72,000

Fixed manufacturing costs (unique to part)$48,000

Total$560,000

An outside supplier has offered to sell the component to Galaxy for $34 each. If Galaxy purchases the component instead of manufacturing it, what would be the effect on Galaxy's annual net income?