Jupiter Inc. is a manufacturing company specializing in electronic devices. They provided you with the following information:

During the fiscal year ending December 31, 2023, Jupiter Inc. made sales of $500,000. Cost of Goods Sold amounted to $250,000. Operating expenses included Rent Expense of $30,000, Utilities Expense of $15,000, and Salaries Expense of $100,000. They also incurred Depreciation Expense of $20,000. Calculate the company's Net Income and prepare an Income Statement.