Mu Corporation is a retail company. They provided you with the following information for the fiscal year ending December 31, 2023:

• Sales Revenue: $1,200,000
• Cost of Goods Sold: $600,000
• Rent Expense: $100,000
• Utilities Expense: $35,000
• Salaries Expense: $300,000
• Depreciation Expense: $50,000

Calculate Mu Corporation's Net Income and prepare an Income Statement for the fiscal year ending December 31, 2023.