LMN Tech Inc.:

• Revenue: $3,500,000
• Cost of Goods Sold (COGS): $2,000,000
• Research and Development Expenses: $200,000
• Selling, General, and Administrative Expenses (SG&A): $500,000
• Interest Expense: $50,000
• Other Income: $25,000
• Income Tax Expense: $150,000

Prepare the profit and loss account and calculate the net income for LMN Tech Inc.